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Maricopa Residential Market Update April 1, 2017

The average number of available homes is still down 30% to 40% from last year with just 282 homes now available on the MLS, listed at an average of $100.66 per square foot. 228 homes are currently under contract and it was another strong two weeks of sales as 90 homes closed escrow over that period, selling at an average of $91.36 per square foot and bringing our YTD numbers now to 403 homes sold at an average of $89.38 per square foot. By comparison, through the same time period last year 336 homes had sold at an average of $86.37 per square foot, so the residential market in Maricopa is currently tracking up nearly 20% in terms of homes sold and 3.4% in the average sold price per square foot. March was again a strong month in terms of sales and I will have more on that in the next update.

So let’s take a look at sell through by price point for the Q1 of 2017. Of the 403 homes sold YTD, 80 of those homes, or 20%, were sold at $150,000 or less; 145 homes, or 36% of all homes sold, were sold between the price points of $150K and $175K; 74 homes, or 18% of all homes sold were sold between the price points of $175K and $200K; 50 homes, or 12% of all homes sold were sold between the price points of $200K and $225K; 26 homes, or 6% of all homes sold were sold between the price points of $225K and $250K; 17 homes, or 4% of all homes sold were sold between the price points of $250K and $300K; and just 11 homes, or 3% of all homes sold were sold above the $300K price point. I think the take away here is that the vast majority of demand in Maricopa is at or under the $200K price point as 74% of all sales for Q1 were in that category. If you would like a more detailed analysis of your particular property, call or email us any time and have another great week.

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