As homebuyers look for properties away from traditional growth areas like Scottsdale, Chandler and Gilbert to nearby emerging neighborhoods that yield them greater value for money, land in Arizona is today's most valuable commodity.

Maricopa County Statistics

With median residential property value rising by 11.8 percent and a record high of 42.1 percent in select zip codes such as 85343, and a 20 percent rise in commercial property values, Arizona's real estate has never been in such high demand as it is today. Gilbert topped the list of fastest growing cities as it added least 100,000 residents in the past year.

Over the last two years, outskirt towns such as Tolleson and Wickenburg have seen unprecedented growth rates of 32.1 percent and 25.2 percent respectively.

At the same time, vacant land values have risen an average of 43 percent in Maricopa County in the last year! While Paradise Valley (rightfully called the 'Beverly Hills of Arizona') boasts the highest average land prices of $746,811 per acre, the highest rate of change belongs to Gila Bend (up 158 percent), Youngtown (up 155 percent), Buckeye (up 109 percent) and Avondale (up 103 percent).

The west Valley is expected to generate even more interest as the future Loop 303 opens the area to more buyers, similar to the housing and business boom triggered by the opening of the 101 and 202 freeways.

State land sold in Desert Ridge and the north Valley brought record prices from builders last year. Here are a few record-setting sales:

• Pulte Homes bought 276 acres at 40th St. and Deer Valley Drive for $100 million.
• Gray Development Group bought 41 acres of state land in northeast Phoenix for over $3.2 million.
• Toll Brothers bought 160 acres near Tatum Ranch for $36.6 million.

Pinal County

Besides the investment rush in Maricopa County, a record number of buyers in the Greater Phoenix area also are flocking to Pinal County. They're stretching the boundaries of the Valley southeast past Queen Creek to Casa Grande, Coolidge and Florence.

The lack of available land for large developments downtown fuelled by lower land costs in emerging areas such as Queen Creek, Florence and Coolidge has accelerated construction of new home communities such as Johnson Ranch and El Dorado Ranch in these areas by builders like KB Home, Pulte Homes and Richmond American. Land experts project another 150,000 new residences soon will be built in these areas.

What all these statistics reveal is one simple fact, the Arizona market is growing like never before. There are more investors, speculators, new residents, new home buyers and move-up buyers rushing to acquire their share of real estate in Arizona because it all comes down to one thing: There is a limited amount of land available to private owners and even less land where homes can be built.