The US way of conducting life and business has changed recently with the Pandemic of 2020. My businesss is real estate and it is certainly affected what I am seeing compared to last last year.
We all have heard that certain types of industries are economic downturn or depression resitant and that my go for pandemics too.
For years industries resistant to downturns have been:
3. Gasoline (people need to get to work)
4. Clothing (people need to wear clothes)
5. Personal hygiene and beauty projects (people try to look good even when times are bad)
People need these goods and services even during a downturn
Real Estate Pandemic Resistant Industry in Arizona
Phoenix Arizona Metro area Home prices reached their highest ever average selling prices in history first in August and then the record was broken again in September...and this was right in the middle of the COVID19 Virus! What is going on?
People need to live somewhere (Real Estate) so when the economy is bad people are still pretty much living indoors out of the elements. However prices have fluctuated. For example in San Francisco rents are dropping as they are in New York as people are fleeing densely populated cities that seem to be a magnet for the China Virus as well as unrest. Cities like my city in the Phoenix metro are drawing new residents to the tune of about 6,000 new residents per month with half of those coming from California.
People are seeking more suburban living and the wide open spaces that Arizona offers. As a result new building is continuing and home prices and rents are on the rise. This in my local market seem to indicate that Real Estate is a Pandemic Resistant Industry. Of course if you live in New York or San Francisco a Realtor may feel differently.
Several of my last sales were to Californians and New York metro individuals fleeing those environments and it appears that recent trend is continuning.
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