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Maricopa Residential Market Update June 3, 2017

The number of available subdivision homes has slightly increased for the first time in quite a while with 292 homes now listed on the MLS at an average $101.67 per square foot. 251 homes are currently under contract and it was another strong two weeks of sales with 100 homes closing escrow in the time period and selling at an average of 91.23 per square foot, bringing our YTD numbers now to 759 subdivision homes sold at an average of $91.35 per square foot. By comparison, through the same time period last year 660 homes had sold at an average of $86.18 per square foot, so the Maricopa residential market is currently tracking up 15% in terms of homes sold and 6% in terms of the average sold price per square foot. Important to note is the fact that the average number of available homes is down by almost 30% from this same time period last year and yet sales are up 15%, so if you have been considering selling your property, this would be a good time to explore that option. Buyer demand remains strong, inventory remains low and values are inching up.

Let’s look briefly at the new build market of Maricopa which has increasingly become a large component of this real estate market if only because of the low inventory of resale homes. Currently there are 64 new build subdivision homes listed on the MLS at an average of $115.29 per square foot (an average of which is skewed upwards because of the Province spec homes). 37 new build homes are currently under contract, and since the first of the year, the MLS reports only 34 new build homes have sold. Now we all know this number to be wrong considering that developers do not list or close all of their properties on the MLS, however these numbers do give you an idea of the current strength of the new build market. For those of you looking to purchase, the better value is usually found in the resale market however with the new floor plans and warranties, newly constructed homes also have some nice benefits, so get with a local Realtor, explore your options, sharpen your pencil and find the perfect home at the right price. In the next update, we will take a closer look at the sell through in the subdivisions of Maricopa and where the bulk of the current demand is. If you would like more specific information on your home or neighborhood, call or email me any time. Have another great week.

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