Pinal County Grows as Does Inventory of Available Homes

Though Pinal County was recently recognized by the US Census Bureau as one of the nation's fastest growing counties, the slow down of the real estate market has left a large inventory of homes in this area. The statistics provided by the Census Bureau measured the number of new homes or apartments that were built between 2005-2006, right at the tail end of the housing boom in Arizona. The sudden surge in buyers during 2004-2005 encouraged the construction of new homes by builders hoping to ride the wave. Very little land was available for new home developments within Pima County, which encompasses most of Tucson, so builders were forced to begin construction farther north into Pinal County. Between 2005-2006 the number of new housing units in Pinal County increased by 17%, compared to the 3% increase in Pima County. During the market surge buyers were eager to find affordable housing, even if the homes were slightly farther from services and amenities. New home construction was strong in these areas, which included Gladden Farms, Black Horse and Eagle Crest. As the market has slowed and the housing inventory has increased, these same developments are suffering from lack of interest. All three developments have had a large amount of inventory available since the beginning of 2007, and now that more homes are on the market throughout Tucson, buyers have a choice and they choose to live closer to city, even if they pay a little more. Homeowners in these areas are in a bind and willing to negotiate to sell, so it's great for the buyer that plans on holding on to the home for several years. As more hospitals, shopping and other services become available in these areas, interest and prices will begin to rise.

For more information regarding these stats you can read the full article on AZStarnet