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Maricopa Market Update March 18, 2017

The number of available homes still falls well short of the number of homes available this time last year with just 286 subdivision homes currently listed on MLS at an average of $100.38 per square foot, which is also a measure worth noting. This is the first time the average list price per square foot topped the $100 mark in over 11 years and that is definitely a function of the current supply/demand imbalance. 235 homes are currently under contract, and sales have been strong over the last couple of weeks with 80 homes closing escrow in the time period selling at an average of $88.85 per square foot bringing our YTD numbers now to 307 subdivision homes sold at an average of $88.35 per square foot. By comparison, through the same time period last year, 263 homes had sold at an average of $85.23 per square foot, so the market is tracking up almost 17% in terms of homes sold and 3.6% in terms of the average sold price per square foot.

February 2017 realized modest gains over February 2016. 109 subdivision homes sold in February this year, a 10% increase over the 99 homes sold last year. The average sold price for a single family home in February came in at $187,074, a 9% increase over February 2016’s average of $171,098, and not surprisingly…

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Maricopa Market Update March 4, 2017

Just 257 subdivision homes are available on the MLS in Maricopa which is just over half the amount of homes available at this same time last year, which boasted nearly 500 homes available. 234 homes are currently under contract and 70 homes sold over the last two weeks, selling at an average of $90.08 per square foot and bringing our YTD numbers now to 224 homes sold at an average of $88.01 per square foot. By comparison through the same time period last year 201 homes had sold at an average of $85.82 per square foot, so the market is tracking up 11.4% in terms of homes sold and just over 2% in the average sold price per square foot. The very real dilemma the Maricopa market finds itself in is a lack of available homes. Once you take away the 37 new builds listed on the MLS and the 57 homes in the 55+ Province subdivision, there is just 163 resale subdivision homes available, a 10 year low and just about a 45 day supply of homes based on current demand. Sellers take note, this would be a very good time to put your home on the market if you have been considering selling.

The dust has yet to settle on February 2017 and once it does I will give a full update, but early results are that the market realized a 10% increase in homes sold and approximately a 5% increase in the average sold price per square foot…

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Maricopa Market Update February 18, 2017

The number of available homes is at a 2 year low with just 266 subdivision homes currently active on the MLS listed at an average of $99.29 per square foot. To put that into perspective the average number of available homes throughout February 2016 was 503, so we are currently tracking at just a little over half of that inventory level. 232 homes are currently under contract, and just 38 homes have sold in the last two weeks, selling at an average of $88.47 per square foot and bringing our YTD number now to 150 homes sold at an average of $86.80 per square foot. By comparison through the same time period last year, 120 homes had sold at an average of $86.78 per square foot, so the market is flat lining in value but tracking up 25% in terms of homes sold. Also considering the 232 homes that have gone under contract within the last 45 days and the current availability of just 266 homes, there is less than a 60 day supply of homes based on current housing demand. Sellers take note.

So let’s take a quick look at January, which historically is the one of the slowest months of the year. 103 subdivision homes were sold in January 2017 which is a 14% increase over January 2016 sales of 90 homes, and a 24% increase over January 2015 sales of 83 homes and January 2014 sales of 85, so January 2017 is out of the gate strong and in my opinion is a harbinger of what promises to be a strong 2017 in terms of residential real estate in Maricopa.

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Maricopa Market Update January 28, 2017

The number of available subdivision homes does not move much again this week as 305 homes are once again active on the MLS, listed at an average of $98.44 per square foot. 170 homes are currently under contract pending close of escrow and since the first of the year 83 homes have sold, selling at an average of $85.27 per square foot. By comparison through the same time period last year just 69 homes had sold selling at an average of $84.82 per square foot. Historically, January has most always been the slowest month of the year. January 2015 saw just 83 subdivision home sales, which sold back then at an average of $76.49 per square foot, and January 2016 saw just 90 subdivision homes sell for the month, selling at an average of $86.90 per square foot. Contrast that with the strongest month of the year last year, which was June with 183 home sales at an average of $86.67.

So let’s take a quick look at four categories of homes in terms of current availability and sell through over the last 6 months to get a sense of supply. The four categories will be single stories with and without pools, and two stories with and without pools.

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