I wanted to share a graph that was astounding to me: Resale of houses in metro Phoenix by days. Our team focuses exclusively on office and commercial, but the trends in the metro Phoenix housing market are off the charts.
You don’t need me to tell you but the Phoenix housing market is on FIRE. Prices are rising, demand is outpacing supply, and this won’t change overnight.
Greg provided more eye-popping stats to put this graph into perspective:
–Population growth was 98,994 for 2018-2019
–18.1% median home appreciation between 2017-2020
–New home permits are not keeping up with demand
–Metro Phoenix multifamily vacancy is 3.7%