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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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