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Maricopa Market Update August 25, 2017

The number of available homes on theMLS ticks upwards once again but still falls well short of last years availability. 293 subdivision homes are currently available on the MLS, listed at an average of $101.94 per square foot. 237 homes are currently under contract pending close of escrow, and it was a decent week in sales as 30 properties closed escrow over the last 7 days, selling at an average of $91.86 per square foot and bringing our YTD numbers now to 1,186 homes sold at an average of $92.14 per square foot. By comparison through the same time period last year, 1,092 homes had sold at an average of $86.52 per square foot so while the sales pace has lost a little steam over the last couple months, the Maricopa residential market is still tracking up 8.6% in terms of homes sold and 6.4% in terms of the average sold price per square foot.

So let’s take a look at the current mix of available homes. Of the 293 subdivision homes currently available, 81 are new build homes listed at an average of $114.16 per square foot, and just 3 homes are distressed properties, listed as either a short sale or bank owned home, and they are listed at an average of $97.78 per square foot. In the 55+ community of Province, there are just 24 SFD homes currently available listed at an average of $139.01 per square foot and of those 10 are newly constructed Meritage spec homes. So in terms of traditional resale homes in the subdivisions of Maricopa, excluding Province, there are just 185 homes available and considering that 237 homes have gone under contract in the last 45 days, there remains approximately a 30 day supply of homes at best. Buyer demand has fallen off of the hectic pace seen earlier in the year but that is typical for the summer months and I fully expect demand to ramp up again as the weather cools. If you are considering selling your home, this is a favorable market and first impressions are everything, so consult with an area professional on pricing strategy and curb appeal before testing the waters. Have another great week.

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