Just 257 subdivision homes are available on the MLS in Maricopa which is just over half the amount of homes available at this same time last year, which boasted nearly 500 homes available. 234 homes are currently under contract and 70 homes sold over the last two weeks, selling at an average of $90.08 per square foot and bringing our YTD numbers now to 224 homes sold at an average of $88.01 per square foot. By comparison through the same time period last year 201 homes had sold at an average of $85.82 per square foot, so the market is tracking up 11.4% in terms of homes sold and just over 2% in the average sold price per square foot. The very real dilemma the Maricopa market finds itself in is a lack of available homes. Once you take away the 37 new builds listed on the MLS and the 57 homes in the 55+ Province subdivision, there is just 163 resale subdivision homes available, a 10 year low and just about a 45 day supply of homes based on current demand. Sellers take note, this would be a very good time to put your home on the market if you have been considering selling.
The dust has yet to settle on February 2017 and once it does I will give a full update, but early results are that the market realized a 10% increase in homes sold and approximately a 5% increase in the average sold price per square foot… 113 homes sold in February 2017, selling at an average of $89.70 per square foot and oddly enough, just 5 of all those homes sold in February were new builds according to the MLS, however take note, not all new builds are listed on the MLS. Also, just 4 distressed homes sold in February and as you can imagine with a growing economy and expanding employment, the distressed market is certainly in decline. Currently, there are just 8 properties listed on the MLS as either a short sale, bank owned, or HUD property. Rounding out the mix of February sales were 54 single story homes without pools selling at an average of $100.10 per square foot; 12 single story homes with pools selling at an average of $110.28 per square foot; 34 two story homes without pools selling at an average of $69.18 per square foot; and 12 two story homes with pools selling at an average of $80.78 per square foot. If you would like a more detailed analysis for your home, call or email any time and have another great week.