Maricopa, Arizona Market Update 12/4/11
Market Notes December 4, 2011: An
active week for Maricopa Real Estate – new listings increased by nearly
15% and 64 homes closed escrow last week, so it’s safe to say that our
winter season has officially kicked into gear. Active listings now stand
at 254, listed at an average of $61.55 per square foot, homes pending
did decline a bit, now standing at 232, and as previously mentioned, 64
homes closed escrow last week, closing at an average of $44.47 per
square foot, bring this years sales total now to 2,391. Here are some
interesting bullet points on the Arizona housing market, more
specifically the Phoenix area market, which includes Maricopa:
- In every price range, sales prices in $/SF are now higher than a year ago.
- Inventory is still falling below $200,000 and constraining sales volumes.
- Above $200,000, supply is rising and demand remains relatively weak.
- After a noticeable weak patch during the summer, prices have regained strength.
- Lender-owned inventory is falling fast, especially at the lower price levels.
- Short sales are overtaking foreclosures as the primary mechanism to resolve mortgage debt problems.
90% of the Maricopa market is $200K or less, which helps explain the
flurry of activity over the last couple of years, not too mention the
newness of the community, and the developing employment and
entertainment centers. The employment centers of Intel, Banner Health
Summit and Harrah’s Casino are continuing to bring in more and more
traditional home buyers, and the continued low home values, amenities,
and small town feel of Maricopa continue to attract winter visitors, so I
will admit my bias but arguably, Maricopa is one of the best satellite
communities of the Phoenix area, if not the best and I encourage you to
come visit us if you haven’t done so already. I think it’s also safe to
say that Maricopa has weathered the housing crisis and has reached the
bottom in terms of values
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