According to the U.S. Census Bureau, Maricopa County is the fastest growing County in the US for the third year in a row! That moves us up to the fourth biggest population in the nation. One reason for this growth? The 70,000 non-farming jobs that have been added since March of 2018. With these numbers, Maricopa and the Phoenix Metro areas are expected to grow even more. Eric Jay Toll, Communications Manager at the City of Phoenix and Economic Development Department, weighed in on the growth. He explained a younger population is making its way here. He continued saying, “We’re getting an educated population moving here and the jobs are being created that are drawing the people in. Essentially, about 260 people per day on average are choosing to live in Maricopa County.” In 2018 the U.S. Census Bureau recorded 81,000+ individuals were added to Maricopa County giving us a population close to 4.5 million in the county. While Maricopa County is ranked fourth in size, the growth is ranked second. 96,000 residents were added in 2017. Toll explained how this growth is evolving the Maricopa County’s workforce. “Our workforce has changed into what are called advanced industries. Manufacturing, technology, healthcare, biosciences, and financial services.” If Maricopa County maintains this pace, the Phoenix Metro will pass the Boston Metro by 2020. Toll explained if our growth continues, we will be going into the “big leagues” of metro areas. This Growth in the Real Estate Industry: This growth provides opportunity in the real estate industry. After all, these 96,000+ residents need to live somewhere! The Arizona School of Real Estate and Business weighed in on this topic. They attributed the growth in Maricopa County to the exodus of people and companies leaving states that have higher taxes and difficult business regulations. This is displayed in the graph below.
But what does this mean in terms of residential sales? According to ARMLS resale numbers went up 0.1% from 2017 to 2018. What was interesting to see was the decline of SF homes and rise of Townhouse and Apartment homes. The graph of Residential Sales Categories can be seen below.
With this growth, the Arizona School of Real Estate and Business predicts a great year in real estate, but it will also be a competitive year. Because of this, it is recommended to have your marketing and selling points ready at all times. Be sure to have a system that allows you to work your sphere, past clients, and future clients. When preparing your marketing campaigns remember the social psychology principles of persuasion. These principles are Authority, Social Proof, and Liking.If you need help defining your goals and marketing campaigns – we can help! We have an entire team of marketing specialists at Pioneer Title Agency. Check out the team here and contact us today to learn what we offer to help capitalize on this growth. Sources: Want to read more about the Maricopa County’s Growth? Click here. Want more from The Arizona School or Real Estate and Business? Click here.