By Mike Sunnucks | Rose Law Group Reporter
New home sales in northern Arizona were up 99 percent in August compared to a year ago.
That is according to new data from Belfiore Real Estate Consulting in Phoenix.
“Sales have been higher than any other period that we’ve collected data up there and we have collected data since 2009,” said Jim Belfiore, president of Belfiore Real Estate Consulting.
New home sales in northern Arizona for August were also up 35 percent compared to earlier in the summer in June, Belfiore said.
While the sales numbers are similar to recent strong sales performances in the Phoenix and Tucson areas, Belfiore said northern Arizona submarkets have some different dynamics.
“It’s much more seasonal. You have inclement weather. You go up to Flagstaff and you have snow. In Prescott, you have snow sometimes,” Belfiore said.
Belfiore said submarkets such as Prescott Valley, Flagstaff and Prescott are also seeing in-migrations from California, the Pacific Northwest and the Midwest that are helping with home sales.
“We’re seeing an influx of in-migration,” Belfiore said.
Wildfires, the COVID-19 pandemic and social unrest are all resulting in some business and household moves out of California, Oregon, Washington and other states.
He also expects to see more technology workers look at Arizona markets with the pandemic resulting in more people working at home. “They’re not going to be going into offices,” he said.
Low mortgage interest rates also continue to encourage home buyers. “We are seeing millennials jump back into the market,” Belfiore said.
He said that is propelling home sales throughout the state.
