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Maricopa Market Update April 15, 2017

The supply of homes in the Maricopa residential market continues to lag behind demand with just 276 subdivision homes currently available on the MLS, listed at an average of $101.89 per square foot. 264 homes are currently under contract and it was just an average week in sales over the last couple of weeks with just 58 homes closing escrow over that period, selling at an average of $95.67 per square foot and bringing our YTD numbers now to 463 homes sold at an average of $90.28 per square foot. By comparison through the same time period last year 394 homes had sold at an average of $86.59 per square foot, so the market is currently tracking up 17.5% in terms of homes sold, and 4.2% in terms of the average sold price per square foot. Based on current demand there is less than a 45 day supply of homes in Maricopa. Two other benchmarks to take note of; the first is the listing price average of now over the $100 mark, of course this is the first week that has happened in 10 years so next week we will see if it is becoming a trend; and the other is the average sold price per square foot which this week tops the $90 mark, which again is the first time we have seen that in over 10 years. We will have to keep an eye on those averages.

So how did March 2017 fare? The short answer is very good. The average sold price of a single family home in Maricopa increased by nearly 6% to $185,067, the number of single family homes sold increased by over 23% to 199 homes sold this March compared to the 161 homes sold in March of 2016. The total dollar volume of activity increased by over 33% to $39.2 million, and conventional loans led the pack. Over 50% of all purchases in March were purchased using a conventional loan, which is a little unusual for Maricopa. Typically FHA and VA loans lead the pack in this market but those two loans lagged well behind this last March coming in at just 21% and 9% respectively, with the remaining 19% of the market using cash. On another exciting note from a company standpoint, The Maricopa Real Estate Company had our largest month ever with 83 homes sold and I want to thank each and everyone of our outstanding agents for their devotion to their career and their dedication to helping the people of Maricopa handle their real estate concerns. If we can ever be of help, just call or shoot us an email, we will be in touch soon, Have another great week.

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Maricopa Residential Market Update April 1, 2017

The average number of available homes is still down 30% to 40% from last year with just 282 homes now available on the MLS, listed at an average of $100.66 per square foot. 228 homes are currently under contract and it was another strong two weeks of sales as 90 homes closed escrow over that period, selling at an average of $91.36 per square foot and bringing our YTD numbers now to 403 homes sold at an average of $89.38 per square foot. By comparison, through the same time period last year 336 homes had sold at an average of $86.37 per square foot, so the residential market in Maricopa is currently tracking up nearly 20% in terms of homes sold and 3.4% in the average sold price per square foot. March was again a strong month in terms of sales and I will have more on that in the next update.

So let’s take a look at sell through by price point for the Q1 of 2017. Of the 403 homes sold YTD, 80 of those homes, or 20%, were sold at $150,000 or less; 145 homes, or 36% of all homes sold, were sold between the price points of $150K and $175K; 74 homes, or 18% of all homes sold were sold between the price points of $175K and $200K; 50 homes, or 12% of all homes sold were sold between the price points of $200K and $225K; 26 homes, or 6% of all homes sold were sold between the price points of $225K and $250K; 17 homes, or 4% of all homes sold were sold between the price points of $250K and $300K; and just 11 homes, or 3% of all homes sold were sold above the $300K price point. I think the take away here is that the vast majority of demand in Maricopa is at or under the $200K price point as 74% of all sales for Q1 were in that category. If you would like a more detailed analysis of your particular property, call or email us any time and have another great week.

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Maricopa Market Update March 4, 2017

Just 257 subdivision homes are available on the MLS in Maricopa which is just over half the amount of homes available at this same time last year, which boasted nearly 500 homes available. 234 homes are currently under contract and 70 homes sold over the last two weeks, selling at an average of $90.08 per square foot and bringing our YTD numbers now to 224 homes sold at an average of $88.01 per square foot. By comparison through the same time period last year 201 homes had sold at an average of $85.82 per square foot, so the market is tracking up 11.4% in terms of homes sold and just over 2% in the average sold price per square foot. The very real dilemma the Maricopa market finds itself in is a lack of available homes. Once you take away the 37 new builds listed on the MLS and the 57 homes in the 55+ Province subdivision, there is just 163 resale subdivision homes available, a 10 year low and just about a 45 day supply of homes based on current demand. Sellers take note, this would be a very good time to put your home on the market if you have been considering selling.

The dust has yet to settle on February 2017 and once it does I will give a full update, but early results are that the market realized a 10% increase in homes sold and approximately a 5% increase in the average sold price per square foot…
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Maricopa Market Update February 18, 2017

The number of available homes is at a 2 year low with just 266 subdivision homes currently active on the MLS listed at an average of $99.29 per square foot. To put that into perspective the average number of available homes throughout February 2016 was 503, so we are currently tracking at just a little over half of that inventory level. 232 homes are currently under contract, and just 38 homes have sold in the last two weeks, selling at an average of $88.47 per square foot and bringing our YTD number now to 150 homes sold at an average of $86.80 per square foot. By comparison through the same time period last year, 120 homes had sold at an average of $86.78 per square foot, so the market is flat lining in value but tracking up 25% in terms of homes sold. Also considering the 232 homes that have gone under contract within the last 45 days and the current availability of just 266 homes, there is less than a 60 day supply of homes based on current housing demand. Sellers take note.

So let’s take a quick look at January, which historically is the one of the slowest months of the year. 103 subdivision homes were sold in January 2017 which is a 14% increase over January 2016 sales of 90 homes, and a 24% increase over January 2015 sales of 83 homes and January 2014 sales of 85, so January 2017 is out of the gate strong and in my opinion is a harbinger of what promises to be a strong 2017 in terms of residential real estate in Maricopa.
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Maricopa Market Update January 28, 2017

The number of available subdivision homes does not move much again this week as 305 homes are once again active on the MLS, listed at an average of $98.44 per square foot. 170 homes are currently under contract pending close of escrow and since the first of the year 83 homes have sold, selling at an average of $85.27 per square foot. By comparison through the same time period last year just 69 homes had sold selling at an average of $84.82 per square foot. Historically, January has most always been the slowest month of the year. January 2015 saw just 83 subdivision home sales, which sold back then at an average of $76.49 per square foot, and January 2016 saw just 90 subdivision homes sell for the month, selling at an average of $86.90 per square foot. Contrast that with the strongest month of the year last year, which was June with 183 home sales at an average of $86.67.

So let’s take a quick look at four categories of homes in terms of current availability and sell through over the last 6 months to get a sense of supply. The four categories will be single stories with and without pools, and two stories with and without pools.
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Maricopa Market Update January 14, 2017

The number of available subdivision homes has remained remarkably consistent over the last several months with 305 homes actively listed on the MLS once again this week, listed at an average of $99.25 per square foot. 144 homes are currently under contract, and since the first of the year 40 homes have sold, selling at an average of $83.46 per square foot. By comparison through the same time period last year, 20 homes had sold at an average of $84.06 per square foot so buyer demand is obviously stronger out of the gate this year and all indications are that demand for housing will continue to be strong as commercial development in the area grows, employment expands, and consumer confidence rises.

The dust has settled on the 2016 residential market in Maricopa and the numbers are up across the board. More importantly the trajectory of the market is as robust as it has been in the last 10 years. Sales of residential homes in Maricopa increased by nearly 11% in 2016 with 1,702 homes sold versus the 1,534 homes sold in 2015.
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Maricopa Market Update January 7, 2017

We begin the new year with just 302 subdivision homes available on the MLS, listed at an average of $98.01 per square foot. 138 homes are currently under contract and 15 homes have sold since the first of the year, selling at an average of $88.28 per square foot. 15 homes may not sound like a lot but considering that there has been just 4 business days so far this year, that translates to nearly 4 homes closing per day which by any measure is a fast pace. If this first week of the year is any indication on how the rest of the year plays out, 2017 could be a record year for the Maricopa Residential Market, and why not? Homes sales hit a low point in 2014 following 5 straight years of sales increases following the 2008 crash but then trended upward again. Sales rebounded with a 15% gain in 2015 and while the dust has yet to settle on 2016, preliminary numbers indicate a 10% gain in sales, so in light of the current and projected commercial development in the area, the recent employment news, and the pace of new builds, the market is poised to be one of the strongest yet in 2017. I will have final 2016 numbers for your review in a couple of weeks.

So let’s a look a brief look at a vanishing component of the residential market and that is the distressed market; those homes listed as either a short sale, bank owned, or HUD property and you will be as surprised as I was to learn that just 12 homes are currently listed in that category. That’s just 4% of the total available inventory.
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