Phoenix real estate market not weakening soon

March 15, 2021 at 8:46 am Leave a comment

Local economist expects Maricopa County’s economic boom to continue until at least 2023

For those who wonder when the Phoenix area’s increasing real estate prices might level off or decrease, most economic signs point to “not anytime soon.”

In a FOX-10 Phoenix news story earlier this month, Scottsdale economist Elliott Pollack said the local boom is likely to continue through “at least 2023.”

The report noted increased hiring among both existing and new businesses in Maricopa County is unrivaled in the nation in recent months.

Pollack said the Phoenix area was the best performing major employment market in the entire country last year. He told FOX-10 that among U.S. jobs added over the past last 10 years, 98 percent were lost nationwide in March and April 2020 as a result of the pandemic. During the same time period, Phoenix only lost 40 percent of such jobs. In the current rebound, the report added, the United States as a whole has recovered 55 percent of those jobs lost, while metro Phoenix has already recovered 75 percent.

“We’re in for an extraordinary period of growth,” predicted Pollack, thanks in part to Arizona’s business-friendly policies. “We expect Phoenix to continue to grow extremely rapidly over the next two to three years.

“Phoenix is structured right now to do better than virtually anybody else,” Pollack concluded.

How does the region’s economic performance affect its residential real estate market? With the continuing positive economic news and a growing number of jobs allowing work-from-home flexibility, Arizona’s weather and reasonable cost of living are drawing more and more people to move here from other states.

According to Pollack’s “Monday Morning Quarterback” newsletter, 1,479 new homes and 7,863 resales were sold in metro Phoenix in February. “Median resale price increased nearly 20 percent to $352,000 compared to the price of new homes at $379,900.”

Realtor.com’s most recent forecast predicts Valley home sales will increase 11.4 percent compared to last year – more than the national average.

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Entry filed under: Arizona Real Estate, Chandler Real Estate, Gilbert Real Estate, Maricopa County Real Estate, Phoenix Real Estate. Tags: , , , , .

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