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… the average days on market fell 21% to 72 days. As previously mentioned the number of active listings is down by more than 30% from last years average of nearly 500 homes and the average number of resale homes is lower than that I suspect considering the growing number of new builds entering the market. When you strip away the new builds and the homes available in the 55+ subdivision of Province, there are just 206 resale homes available in the subdivisions of Maricopa proper. Based on current demand, there is less than a 30 day supply of homes and this can create a frustrating experience for buyers, so if you are currently looking to purchase, stay vigilant and move quickly when you see the right home, and of course consult with a local real estate professional to secure that home at a fair price. Have another great week.