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Maricopa Market Update September 9, 2017

The number of available subdivision homes stays above the 300 mark for the second straight week as 307 homes are currently available on the MLS as of this morning, listed at an average of $102.37 per square foot. 222 homes are currently under contract pending close of escrow, and it was another average week in sales as 32 properties sold over the last 7 days, selling at an average of $96.23 per square foot. The pace of demand for housing in Maricopa has been very consistent throughout the year. It has been the supply of homes that has slowed that pace down on occasion so an increase in supply will not only help bring more buyers to the market but will also help stabilize values.

August 2017 followed July 2017 and became the second straight month this year that lagged behind 2016. Sales of SFD homes in Maricopa fell by 11% with just 145 homes sold versus the 164 homes sold in August 2016. Despite that decline in sales though the average sold price of SFD home increased by over 12% to $198,600 up from the August 2016 average of $176,700. The mix of buyers for August also changed up a bit as 40% of all August sales were purchased with an FHA loan; 28% were conventional loans; 20% were VA loans, and just 12% of August transactions were cash. Because of the sales declines realized in July and August of this year, our strong year over year gains that we were seeing earlier in the year have lessened but the growth is still on a positive trajectory. YTD sales are up over 7%, the average sold price of a SFD home in Maricopa is up over 10% to $193.391, and the total dollar volume YTD is up over 18% to $252 million. Conventional loan purchases still lead the pack at 42%; FHA loans comprised 29% of all YTD sales; VA loans comprised 13%; and 16% of all YTD transactions were cash. If you would like a more detailed analysis on your home or neighborhood, call or email me any time and have another great week.

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