When it rains, it pours and there was certainly a deluge of April home sales in Maricopa. 198 residential subdivision homes sold in Maricopa this April, marking a 31% increase over April 2017’s sales total of 151 homes. The average sold price rose by more than 8% in April to $207,431, however the average days on market rose by 18% primarily due to rising inventory. In fact, the average number of available listings this April surpassed that of April 2017, marking the first month in the last 9 months that current available inventory was stronger than at the same time period for the previous year.
April’s strong performance though could just be a harbinger of things to come as the City issued another 77 new build permits in April bringing the YTD number of permits issued now to 391 and all indications are that this rapid pace will not slow down any time soon. In fact 37% of the total available inventory are new build homes with 105 newly constructed homes currently listed on the MLS at an average of $119.02 per square foot. 47 newly constructed homes are under contract pending close of escrow and since the first of the year, 111 new build homes have sold, selling at an average of $109.47 per square foot. By comparison, 174 resale homes are currently listed on the MLS at an average of $104.73 per square foot. 250 resale homes are under contract and since the first of the year, 548 resale homes have sold at an average of $100.67 per square foot.
How do these numbers compare to 2017? Well through the same time period last year only 35 new build homes had sold at an average of $114.17 per square foot, and 592 resale homes had sold at an average of $90.37 per square foot, so new build sales year over year have increased by over 100%, while resale homes are just keeping pace with last year. The contemporary look and new floor plans of the new models are being well received by consumers and new homes do have attractive warranties but consumers are best advised to do their homework as resale homes are selling for approximately 10% less per square foot, and do offer attractive upgrades, landscaping etc. It’s a diverse housing market and interest rates are still historically low, so if you are currently navigating the market whether selling or buying, do your homework and consult a local Realtor. Have another great week.