About Peoria

Peoria offers a wide range of home styles, from single-family homes to estates with large lots. Some older neighborhoods have retained some of their former characters but, then again, too few to mention.  This is a town that’s making a fresh, new start with a bright new breed.  Do you belong here in this thriving, rapidly shifting place?  Just ask your neighbors!

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The Market

The spectacular amount of market activity in Arizona over the past decade has been well documented.  People of all walks of life have been moving to Arizona, and particularly Phoenix, in numbers unmatched in recent memory. 

Figures from 2000-2005 show nothing but increased construction, development, unit sales, and unit sales prices in virtually every category of structure offered on the market. 

The greatest degree of growth occurred during fiscal 2005, where previous growth statistics, impressive in their own rights, spiked sharply to even higher levels. 

Of particular note to the residential home seller/buyer was the record appreciation in new and resale home values. These rates were up for new homes and resales, rentals, and condominium units, the only difference being one of degree.

While it is true that not all Phoenix area real estate markets showed the same amount of increase it is true that the degree of growth for each area was roughly proportional.

Then along came 2006 and equally well documented has been the decline in the rate of growth of some key market indicators.  The greater Phoenix resale home market is showing marked decreases in sales figures for comparable periods last year across the valley and across most unit categories.

One interesting exception is the median price for resale units has risen slightly.  This rising price accompanied by a decrease in sales seems to be more in keeping with normal market tendencies.  One would expect spectacular growth to lead eventually to a degree of scarcity that would be reflected in higher prices.  Could this indicate that the market has reached its peak?

Let’s look at another indicator to see what it may tell us.

Since 1985, the Arizona Real Estate Center has computed what it calls “affordability indexes” for the Greater Phoenix area and several nearby cities. 

The index was invented as a guide to predict market activity.  When the index value is 100, the typical home buyer (based on the current median resale price and household income) would be able to afford a median-priced home at the stated effective interest rate.  A lower index value indicates less availability of affordable single-family homes.

The affordability index for the areas selected for the study shows a significant reduction in the availability of that this type of housing within the means of the ordinary consumer.  Whether this data can be used as a reliable indicator for other groups and other types of housing is arguable, but it does beg the question “how much longer will the market be able to sustain a situation where both sellers and buyers can apparently benefit by getting involved in the market?

The short answer is that these conditions can remain so long as they are supported by the market. 

So when we take a long look at the larger picture we must ask ourselves whether we can realistically expect to realize more potential gain or value now or at some time in the future and it is very reasonable to conclude that the best possible time to buy or sell Arizona really is now.

Peoria History

So how do you think this all happened?  The one thing that everybody has always believed is that something was going to happen in Peoria- and it finally has.

It all began in the 1880s when William J. Murphy quit his journey west and decided to settle in right here in Peoria with a vision. Murphy was hard-pressed for sustenance- he was desperate and realized that his only hope for life was in the development of agriculture through irrigation.  In his race against time and the cruel climate, Murphy sought to use into a livable situation.  Then he got the idea to try to profit off his experience and sent glowing reports to the east about how happy he was in the middle of the desert.  Nobody knew anything, as there were neither pictures nor phones – so he convinced some people to make this long, treacherous trip just to settle out here.

The first eastern families to arrive were from Peoria, Illinois.  TO reward them for their uncommon bravery Murphy made them happy by naming the place after that town.  In that way, they were not homesick and were more inclined to stay put.  From that moment on, the area has turned a profit.

In 1889 the post office and a small and barely adequate one classroom school were established.  Peoria remained an agricultural community up until 1954 when it was incorporated.

How things have changed!  Today Peoria is a city swelling at the seams with appears to be limitless numbers of highly educated and diverse individuals who are all ready to work together in this alabaster community thereby virtually assuring Peoria’s future.

Once the city of Peoria was a rural agricultural small town, but today it is a growing suburban community. It is a dynamic desert city.  So come and be a part of this sensation.  The feeling is infectious!  Get into it and let it get into you

Outdoor Recreation

Peoria’s claim to fame is that it is the “Gateway to Lake Pleasant.” Lake Pleasant Regional Park is known as one of the finest water recreation areas in Arizona. The lake is the second largest lake in the state.  It was built to store water from the Agua Fria River and the Central Arizona Project. Most of the lake is encompassed by untouched desert land. This oasis in the Arizona desert is a sight to see.  Just think about it, in a place that is in the middle of a desert to be on the way to water is really noteworthy.  Take the route so you can find out.  Lake Pleasant offers a full-service marina in Pleasant Harbor.

Peoria residents flock like seagulls to Lake Pleasant year-round for boating, sailing, swimming, and more water fun. There is also hiking trails, camping, and picnicking. Lake Pleasant Regional Park is one of the many perks of living in the city of Peoria.

Peoria Entertainment

Downtown Peoria has revealed a new face so that everybody can know. The area has been restored, renovated, and renewed.  “Out with the old and in with the new” is the unofficial motto of this place that provides those coming here from other places their very own piece of the pie.

A new city hall, public library, and public safety complex have energized the area. Pioneer Days and Fall Fest are two of the community’s activities that are hosted in downtown Peoria. The community is working hard to continue its small-town feeling while expanding its entertainment calendar to include the ever-increasing number of strange and diverse events.

The conveniently located Peoria Sports Complex is home of the baseball spring training games for the San Diego Padres and the Seattle Mariners. There are 10,000 seats and 12 lighted practice fields. The complex also has concerts, festivals, car shows, an annual Fourth of July Extravaganza, and other events which create a friendly hometown feeling that Peoria residents enjoy every day.