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Maricopa Market Update October 14, 2017

The number of available homes has jumped up since the last update with 324 subdivision homes now listed on the MLS at an average of 104.13 per square foot, but that average is greatly influenced by the new build spec homes. 106 new build spec homes, almost 33%, of the total available inventory of homes are new build spec homes in Maricopa and they alone are listed at an average of $112.56 per square foot. When you subtract the new build, the resale homes are listed at an average of $99.92, so there is terrific value to be found in resale homes particularly when you have a market that is largely driven by developers. 214 subdivision homes are currently under contract pending close of escrow, and since our last update 107 homes have sold, selling at an average of $93.29 per square foot and bringing our YTD numbers now to 1,458 homes sold at an average of $92.60 per square foot. By comparison, through the same time period last year, 1,323 homes had sold at an average of $86.71 per square foot, so the Maricopa residential market is currently tracking up 10% in terms of homes sold, and nearly 7% in terms of the average sold price per square foot.

The numbers are in for September 2017 and it proved to be a strong month. Sales of subdivision homes over September 2016 were up over 20% with 167 homes selling this year versus the 138 homes sold in Sept. 2016. The average sold price for SFD home last month rose to $200,886 up over 11% from Sept. 2016’s average of $180,366, and the total dollar volume rose by more than 34% to $34.5 million. The mix of buyers has also stayed very consistent this year with 40% of all buyers using conventional financing, 29% using FHA loans, 17% were cash transactions, and VA loans shored up the balance of 14%. If you would like a more detailed analysis of your home or neighborhood, call or email any time. Have another great week.

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