Maricopa Residential Market Update December 10, 2016: The number of available subdivision homes drops slightly and sales continue to keep a consistent pace. 297 homes are currently listed on the MLS, listed at an average of $99.19 per square foot, which incidentally is the highest listing average of the year, influenced by the high number of new build homes on the MLS which at the moment totals just over 18%. 202 homes are currently under contract and 58 subdivision homes sold over the last 14 days, selling at an average of $86.76 per square foot. As we get closer to the Holidays I think you will see a pause in new listings however after the first of the year that number has historically risen. At the current pace of demand there is less than a 60 day supply of homes which could lead us into a sellers market if inventory stays low.
So let’s take a look at November sales versus last November, and a quick look at YTD numbers. As expected, November 2016 did not disappoint with gains in all measures. Sales of SFD homes were up 12.5%, total dollar volume was up 17%, and the average sold price of SFD subdivision home in Maricopa for the month was $187,244, a 4% increase from November 2015’s