Maricopa Residential Market Update May 3, 2017: Well to give you a good idea as to the current state of the Maricopa Residential Real Estate market, there are more homes currently under contract than are available. 267 subdivision homes are listed on MLS at an average of $100.74 per square foot and 271 homes are currently under contract. Essentially this means that there is less than a 45 day supply of homes based on current demand, and constitutes an unbalanced market. Fortunately, new builders are absorbing much of the over flow and not all of their homes make it to the MLS, so there is that component. Sales as you can expect have been strong over the last two weeks with 84 homes closing escrow in that time period, selling at an average of $93.30 per square foot, bringing our YTD numbers now to 572 homes sold at an average of $91.05 per square foot. By comparison, through the same time period last year 496 homes has sold at an average of $86.15 per square foot, so the Maricopa market is currently tracking up 15% in terms of homes sold and just under 6% in the average sold price per square foot.
So let’s take a look at current availability and sell through by price point since January 1, 2017:
– Homes at or under $150K – 6 currently available; 35 under contract; 70 sold
– Homes between $150K – $200K – 105 currently available; 140 under contract; 292 sold
– Homes between $200K – $250K – 98 currently available; 62 under contract; 108 sold
– Homes between $250K and $300K – 34 currently available; 26 under contract; 22 sold
– Homes over $300K – 24 currently available; 10 under contract; 16 sold
Sell through is overall strong but the numbers suggest that buyer demand in Maricopa under the $200K price point is as strong as ever. If you would like a more specific market analysis for your home or neighborhood, call or email me any time. Have another great week.