Out of State Buyers Update

There has been talk of increased inward migration to Central Arizona but as we mentioned on July 18, there is no evidence of that from affidavits of value recorded during the second quarter. If there is a surge of interest from out of state buyers, those homes are still under contract or closed after June 30. Of course, we have no data about out-of-state renters, since leases are not recorded.

Based on the last 12 months to June 30, the following states provided the most in-bound purchasers of homes in Maricopa and Pinal. I have excluded company purchases and those buying properties to rent to a third party. I only included individuals and couples who bought a primary or secondary residence for their own occupation.

1. California 4,762
2. Washington 1,722
3. Colorado 1,292
4. Illinois 1,167
5. Minnesota 774
6. Oregon 616
7. Texas 591
8. Wisconsin 443
9. Utah 388
10. Michigan 366

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Well, around 400 Californians moving here every month is no surprise.

As you read this, keep in mind in this highly charged environment we have zero interest inferring any political statement. This is simply what our clients are reporting to our agents.

To the question of who's coming:

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1. Still Californians, which came on strong last year since they’ve had enough of the politics/policies, taxes, and now the pandemic, want privacy & more space; make note they were originally looking to make this a 2^nd home and now selling elsewhere to make it primary!
2. Seattle coming in 2^nd for the same reasons.
3. Midwest major city’s Minneapolis, Chicago, Milwaukee & a sprinkling from St. Louis.
4. East coast big cities wanting out (we have part-time owners that have decided to stay here all year; have homes on Park Avenue & Chicago Lake street nothing to go back for…no restaurants open nor theater and they live in high-rises with restrictions)
5. Can’t forget our Valley homeowners wanting to move out & up!! I’ve seen several potential buyers from PV looking for more space.

Overall between pandemic and the protestors in the streets people are seeking more space & larger homes as well; we currently have 18 homes closed, UCB, or Pending over 6,000 SF only one in February all others after April and majority May & June. This is new; up until this most people wanted under 5,000 SF.

Another item that came up of note is a few of our international owners are selling since they can’t get here. Now, I’m thinking maybe it's because they were thinking of selling this coming year anyway and since they couldn’t come they're selling. As we know a lot of Canadians had to leave in early March and still can’t come back… we may lose them eventually.