So much has happened in the real estate market in Phoenix in 2019. A year in which many thought the “bubble” would burst, rates would increase and so much more, and yet, quite the opposite. It continued to grow at a healthy rate backed by a strong local economy and job growth.
For many of my 19 years in the business I have been saying Phoenix was mostly a tourism driven economy. Our weather is desirable and thus brings people to visit and eventually stay. For the past 2 years that has changed. We now have major medical, tech and transportation driving many of the healthy factors leading our economy. This is all very good news as it supports a healthy local economy, and one in which is very desirable.
Check out this recent Arizona Business Journal article
showing the hottest real estate news stories of the year. For me, I believe just the consistent large amount of building permits is huge. All the other subdivisions and growth are important and great, but the permits is current and trackable now. The lack of resale housing has caused a huge boom for builders to build and this proves it. In fact, I believe 2019 was one of the best years for new construction, maybe not from an amount of permits issued, but from an overall desirability standpoint.
Phoenix is a great spot to be in, whether you are a homeowner or business owner. Check us out. You will be glad you did.