The number of subdivision homes inched up once again over the last week, now standing at 365 homes listed on the MLS at an average of $96.14 per square foot. 186 homes are currently under contract, down from 198 the week prior and it was a good week in sales as 29 homes sold over the last 7 days, selling at an average of $86.20 per square foot and bringing our YTD numbers now to 1,369 homes sold at an average of $78.20 per square foot. By comparison, 1,227 homes had sold for the same time period last year at an average of $74.88 per square foot, so currently the Maricopa market is tracking at a 11.5% increase in homes sold and a 4.4% increase in the average sold price per square foot. Also, while the residential market in Maricopa has nearly fully recovered from the 2008 crash, about 8% of the listings are distressed properties and in a market where you have a combination of distressed properties and a healthy new build market, you will likely have a large gap in the low end of the market to the high end, and we do. The YTD sold price per square foot on the low end is $36.27 to a YTD high of $160.76. I hope all of you had an enjoyable Thanksgiving holiday with your friends and family as I have and will continue to do, so I will be back next week with more detailed market insights. Have another great week.
So now that the number of MLS listings are on the increase, and providing for a good selection of homes, will buyer demand strengthen? 362 subdivision homes are currently listed on the MLS at an average of $96.56 per square foot. 15 homes went under contract in the last 7 days bringing that number now to 198 homes currently under contract, and it is was yet another soft week in sales as just 16 homes sold over the last week, selling at an average of $86.65 per square foot, and bringing our YTD numbers now to 1,337 homes sold at an average of $78.01 per square foot. We still remain about 11% up over last year in terms of homes sold but October was the first month of the year where the market saw a decline in month over month sales, and so far November is tracking just slightly above November 2014. However, if 2015 finishes up with a 10% increase in homes sold following the seven year low in sales that was 2014, then I think that will be a good foundation to build on for 2016.
Let’s take a quick look at YTD sell through by purchase price. 81% of all subdivision homes sold YTD in Maricopa have been under the price point of $200,000. Conversely, only 5% of all homes sold YTD have been over the price point of $250,000. Here’s the breakdown:
For the fifth consecutive week, the number of available subdivision homes is on the rise with 360 homes now listed on the MLS at an average of $95.45 per square foot, up from 348 available homes the week prior. 182 homes are currently under contract up from 175, and it was a very average week in sales with 17 homes selling over the last 7 days, selling at an average of $76.70 per square foot. The residential market has been remarkably consistent this year with the increase in homes sold remaining right in the 10% range and the increase in the average sold price per square foot staying consistent in the 4% range, both of which are good barometers. Sales for 2014 in terms of subdivision homes sold was a 7 year low point so it is good to see sales increases, and more importantly positive appreciation rates.
So let’s take a look at October’s numbers and YTD numbers. Sales of single-family subdivision homes declined 3.8% month over month for October, with 125 homes sold in October 2015 versus 130 for October 2014. The average sold price however of those subdivision homes increased by just over 10% with the current average at $164,878 versus last year’s average $149,673. Total dollar volume for October 2015 of $20.6 million was an increase of just 2.8% over last October’s volume of $20 million and interestingly enough, that volume was generated on almost 30% fewer listings than this time last year. The average number of listings market wide, including acreage property for October 2015 was 389 versus last October’s average of 551. The number of cash buyers continues to hold steady at 17% of October’s activity, and 52% of all purchases were subject to either an FHA or VA loan.
For the fourth consecutive week the number of available homes is on the increase with 348 subdivision homes now available, up from 335 the week prior, and listed at an average of $95.37 per square foot. 175 homes are currently under contract, down from 184 the week prior and it was good week in sales as 30 homes sold over the last 7 days, selling at an average of $84.24 per square foot and bringing our YTD numbers now to 1,301 homes sold at an average of $77.92 per square foot. By comparison, through the same time period last year 1,167 homes had sold at an average of $74.91 per square foot, a year over year increase of 11.4% in homes sold and a 4% increase in the average sold price per square foot.