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Maricopa Market Update July 11, 2017

The needle on available homes will just not move as 281 subdivision homes are once again listed available on the MLS, listed at an average of $101.01 per square foot. 235 homes are currently under contract, and sales have been fairly strong as 109 homes have sold since our last update on June 21, selling at an average $93.13 per square foot. The dog days of summer are upon us and typically buyer demand tends to wane a bit this time of year, and the data proves it.

So let’s take a brief look at June 2017 vs June 2016; sales of subdivision homes were down just over 1% with 181 homes selling this June vs the 183 homes sold last June. The average sold price however of those subdivision homes shot up by more than 13% to $200,800 vs June 2016’s average sold price of $177,336. Days on market fell by 20%, primarily due to the lack of inventory, and the total dollar volume was up by more than 10% to $37.5 million. Conventional loans dominated the month with 42% of all purchases, FHA loans comprised 30% of all purchases, cash purchases were 17% of the market with VA loans shoring up the remainder. The number of available homes continues to lag last year as the average availability is down by 20%.

The YTD numbers however show that the market is strong and sustainable. Subdivision home sales are up by 13% to 944 home sold through the end of June, versus last years total of 836 homes sold for the same time period. The YTD average sold price for a subdivision home is up by just over 10% to $191,466 versus last year’s YTD average of $173,825, days on market is down 15% and the total dollar volume is up nearly 25% to $190 million. The pool of buyers has also been real consistent throughout the year with 45% of all YTD purchases using conventional loans, 27% using FHA loans, 11% using VA loans, and 17% using cash. Based on current demand, there is less than a 60 day supply of homes so if you are currently looking to purchase, stay vigilant and when the right home presents itself, don’t hesitate. And if you would like us to help you navigate this market, call or email any time. Have another great week.

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