Arizona Ranked 3rd in growth in 2018-2019 with over 120,000 new residents. This is more than double of the new residents in California. State like New York and Illinois are losing residents each year. Arizona is only behind Florida and Texas, states with no income tax. Since 2015 over a half million people have moved to Arizona. We are ranked 4th in economic momentum. Phoenix is the fastest growing city in the United States and is the 5th largest city. Once of the contributing factors is that we are the first in the nation to have a universal recognition of out-of- state occupational licenses. Making it easy for licensed professionals to make the transition to Arizona. Another reason is that the Arizona tech job growth is 20% higher than the national average, with over 5.5% tech job growth in just the last year. Over 29.5% of postsecondary graduates in these fields are now staying in Arizona.
Arizona has continued to see a 3-9% increase in values throughout the valley, with a 7.9% increase in the Phoenix Metropolitan area. The total population in Maricopa country is now 4.8 million. We have seen increases in job opportunities in Education, Health Services, Construction, and professional Services.
Let’s put things in perspective. Supply is down 25% from last year, with a 7.2% increase in sales. The days of inventory has not been this low since the end of December 2004. There are less than 60 days, the normal range is 120-150 days. Specifically, Gilbert is down 50%, Glendale is down 46%, Mesa is down 45% and Chandler is down 40% from the prior year.
The median price per SF is now at $179.57. 2018 was the third highest in volume of sale. 2019 was higher. Final numbers are not in yet. It continues to be a seller’s market. Casa Grande, Florence and Queen Creek lead the way in growth. Some areas have not seen the same growth, including Anthem, Fountain Hills, Paradise Valley, Sun City West and Sun Lakes.
What does all this mean? It means it is a seller’s market. If you are considering selling, now is a good time. Typically, many homes enter the market at the end of January. So if you are a buyer, you will have more options soon. This helps both buyers and sellers. Many buyers left the market frustrated with the lack of supply. The new inventory will encourage their reentry into the market. Interest rates remain at historically low numbers, so buyers can afford more. Therefore it is the perfect time to buy or sell.