The Maricopa Residential Real Estate market remains a sellers market as buyer demand has not waned at all despite the current pandemic and the effects that that has had on the overall economy. As of this week, just 88 subdivision homes are available in Maricopa including new builds and yet in the last 40 days, 321 homes have gone under contract so based on current demand there is less than a 10 day supply of homes. And of those 88 homes available, 23 are new build homes so the supply of resale subdivision homes in Maricopa is at an all time low. Naturally this amount of activity is forcing prices upwards but even that dynamic has not slowed the tide. In the last 90 days, 543 subdivision homes have sold in Maricopa, selling at an average of 132.80 per square foot. By comparison in 2019, 559 homes sold at an of $113.85 per square foot so while the number of homes sold dropped slightly the average price per square foot has increased 16% just over the last 12 months. I do expect home values to increase even more over the next 12 months but not at the accelerated rate of this year.
The new build market in Maricopa continues at a furious pace and that’s obvious to anyone driving around town. 530 new build permits were issued in July, August, and September of this year which is an 89% increase over the same time period last year. In the last 90 days, 101 new build homes have sold, selling at an average of $148.41 per square foot. By comparison, 442 resale homes have sold in the same time period, selling at an average of 130.12 per square foot so buyers take note.
Optimism abounds in the commercial real estate market as well. Mayor Christian Price has been an excellent steward of Maricopa’s growth over the last few years and the commercial deals already in place and those being negotiated will ensure that residential housing will not outpace the amenities needed to support that population. Maricopa needs an employer though. We can not continue to strictly be a bedroom community for the Chandler/Phoenix market so hopefully in the next couple years, a light industrial company will see Maricopa as we all do …. A great place to call home. Have another great week