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Maricopa Market Update September 2, 2017

The number of available subdivision homes topped 300 for the first time since the beginning of the year as 305 homes are now actively listed on the MLS at an average of $101.81 per square foot. 225 homes are currently under contract pending close of escrow and it was a strong week in sales as 40 properties sold over the last 7 days, selling at an average of $95.58 per square foot and bringing our YTD numbers now to 1,236 homes sold at an average of $92.25 per square foot. By comparison through the same time period last year, 1,141 homes had sold at an average of $86.52 per square foot, so the market continues to track up 8.3% in terms of homes sold and 6.6% in terms of the average sold price. The current average sold price for SFD subdivision home in Maricopa is currently $192,445 up almost 10% from last year’s average of $175,002.

So it’s always interesting to look at current sell through vs current availability at various price points to give you a sense of where the bulk of buyer demand has been over the last 6 months:

  • 120 Maricopa subdivision homes have sold over the last 6 months at or under $150,000; 14 homes in this price range are currently pending close of escrow, yet there are 0 homes currently available at this price point.
  • 306 subdivision homes have sold over the last 6 months between $150,000 and $175,000; 62 homes in this price range are currently pending close of escrow, yet just 48 homes are currently available.
  • 242 subdivision homes have sold over the last 6 months between $175,000 and $200,000; 59 homes in this price range are under contract, and just 86 homes are currently available.
  • 126 subdivision homes sold over the last 6 months between $200,000 and $225,000; 37 homes within that price range are pending close of escrow and 55 homes are currently available.
  • 115 subdivision homes sold over the last 6 months between $225,000 and $250,000; 25 homes in this price range are currently pending close of escrow and 48 homes in this price range are currently available.
  • 85 subdivision homes sold over the last 6 months between $250,000 and $300,000; 24 homes in this price range are currently pending close of escrow and 48 homes are currently available.
  • 31 subdivision homes sold over the last 6 months over $300,000; 14 homes in this price range are currently pending close of escrow and 25 homes are currently available.

The residential market in Maricopa is on a sustainable 6.6% rise and I don’t expect that to abate anytime soon considering the infrastructure and commercial development in the area so if you have been on the fence as to whether to buy or sell, give us a call to help you navigate this active market. Have another great week.

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