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Maricopa Market Update September 23, 2017

The number of available homes has inched up once again over the last couple of weeks with 317 subdivision homes currently listed on the MLS at an average of $102.84 per square foot. 216 home are currently under contract pending close of escrow and sales have stayed strong with 69 homes selling over the last couple of weeks, selling at an average of $94.10 per square foot, bringing our YYD numbers now to 1,344 homes sold at an average of $92.51 per square foot. By comparison through the same time period last year, 1,224 homes had sold at an average of $86.56 per square foot so the market is currently tracking up just under 10% in terms of sales and 6.8% in terms of the average sold price per square foot. Last year’s average sold price per square foot came close to finishing over the $90 mark but fell short at the end, however this year that benchmark will be surpassed and the question is, how long until we see the $120 to $130 averages seen in the Chandler/Gilbert areas?

Here’s some interesting information on new builds, which are a huge component of the current market. There are currently 92 new build spec homes available on the MLS, which is 29% of the total availability, so one of every three homes currently available is a new build. 60 new build spec homes are currently under contract, but just 21 new build homes have sold over the last 90 days, selling at an average of $111.12 per square foot. With 60 homes under contract and just 21 sold in the last 90 days, it’s obvious that demand has ramped up over the last month and with the thin inventory of resale homes, buyers are taking advantage of the new build incentives, warranties, and financing options, however buyers would be wise to do their homework before deciding which way to go. While the new builds do offer attractive incentives, etc., the average sold price per square foot of resale homes over the last 90 days is just $86.03, or 28% less than that of the $111.12 new build average over the same time period, so do your homework and consult with a local Real Estate professional before deciding which option is best for you. Have another great week.

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