The dog days of summer are upon us and the market is acting accordingly. The number of available homes is at a low point for the year with just 302 subdivision homes actively listed on the MLS at an average of $94.10 per square foot. 229 homes are currently under contract and 62 homes sold over the last two weeks, selling at an average of $85.62 per square foot and bringing our YTD numbers now to 1,061 homes sold at an average of $86.80 per square foot. By comparison, through the same time period last year 970 homes had sold at an average of $76.95 per square foot, so the Maricopa residential market is currently tracking up 9.4% in terms of sales, and 12.8% in terms of the average sold price per square foot. These are very encouraging gains as 2014 represented a 7 year low in terms of sales with just 1,318 homes sold. 2015 built upon that with a 16% gain, or 1,534 homes sold and now 2016 is building upon those gains. Considering the commercial expansion in town and at the Ak Chin Casino, and with the fast pace of new residential construction in the area, I suspect these sustainable gains will continue for the next few years.
Speaking of new home construction, this component of the market is becoming as big of a factor is it was during the days of 2003-2006.