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Maricopa Market Update June 21, 2017

Well it’s one step forward and two steps back in this current market with record heat thrown in. Maricopa officially hit 120 degrees yesterday but it is a dry heat, and the number of available homes has once again dropped slightly over the last two weeks. 277 subdivision homes are currently listed as available on the MLS, listed at an average of $101.60 per square foot. 266 homes are currently under contract, and 91 homes sold over the last two weeks, selling at an average of $90.79 per square foot and bringing our YTD numbers now to 854 homes sold at an average of $91.38 per square foot. By comparison through the same time period last year, 735 homes had sold at an average of $86.01 per square foot, so the market is currently tracking up 16% in terms of homes sold and 6% in terms of the average sold price per square foot. Important to note is the fact that the average number of available homes is down nearly 30% this year from last, yet sales continue to exceed last year, meaning new builders will stay very active for a while.

Let’s take a brief look at how May 2017 finished up and for those of you who follow the market there are no surprises. Sales of SFD homes were up over 26% from May 2016 (193 homes sold this May vs 153 sold in May ’16). Total dollar volume increased by 45% to $40.6 million, driven largely by increasing values as the average sold price of a SFD home in Maricopa rose by 14% to $197,130 from last year’s average of $172,744. In terms of buyers, conventional loans once again led the pack financing 35% of all purchases in May 2017; 31% were purchased with FHA loans; 17% were VA loans, and 15% of all purchases were cash deals. The Maricopa residential market is surprisingly resilient. We fell the hardest of all Valley suburbs in the 2007/2008 housing crash, yet we recovered the fastest, and today we lead the Valley in terms of commercial and infrastructure development and home values. Maricopa is the hidden gem in the Phoenix Valley, come and find out why and call or email anytime we can be of help. Have another great week.

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