Springtime in Arizona is usually a time when Arizona home sellers see a surge of buyers from out of state. History has shown that winter visitors who come to Arizona for the cold winter season may end up deciding they like it here and they want a home to be able to come back to the following year. So if they have available funds many will end up buying a home before they depart for the summer.
During the spring, Arizona usually sees something of a surge in buyers from out of state. While this year was no exception the numbers are somewhat different. In Maricopa County out-of-state home buyers closed on 1,651 homes making up for 20% of the total recorded sales during May. While the same stats for Pinal County are not available as was reported for Maricopa County, one might surmise the trend is very similar in Pinal County as well.
Our usual home buyers, the Canadians, were not big participants this year. They accounted for only 121 sales, representing less than 1.5% of the total. This is the lowest percentage of May sales being sold to Canadians since 2007.
But before there is discouragement it should be noted that there have been numerous reports showing that there is growing interest in Arizona real estate from international investors besides Canadians. Investors from China, Europe and South America are increasing in number and this could be a growing trend. Time will tell.