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Maricopa Market Update February 27, 2016

The number of available homes listed on the MLS falls by roughly 5% and it was a strong week in sales. 441 subdivision homes are now listed on the MLS, down from 466 the week prior and listed at an average of $95.67 per square foot. 222 homes are currently under contract which mirrors last weeks number, and 34 homes sold over the last 7 days, selling at an average of $79.51 per square foot and bringing our YTD numbers now to 167 homes sold at an average of $84.83 per square foot. By comparison through this same time period last year, 182 homes had sold at an average of $76.41 per square foot, so currently the market is tracking at an 8.2% drop in sales but a an 11% increase in the average sold price per square foot.

So let’s take a look at sell through over the last 180 days. I will break this down into four categories; single story homes with and without pools; and two story homes with and without pools. I have also excluded the subdivision of Province, and I have filtered for homes built 2014 or earlier so as to exclude new builds. I have also separated the sell through dates into two 90 day periods; Aug. 2015 – November 2015 and November 2015 – February 2016. Here are the numbers:
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Maricopa Market Update February 20, 2016

The number of homes receiving contracts over the last week jumped up by more than 12%, and the number of actively listed subdivision homes are on the increase as well. 222 subdivision homes in Maricopa are now under contract pending close of escrow, up from 197 the week prior and up from 176 just three weeks ago. In terms of active listings, 466 homes are currently available on the MLS, up from 448 the week prior and listed at an average of $96.03 per square foot, but it was just another average week in sales with 20 homes closing escrow and selling at an average of $82.88 per square foot, bringing our YTD numbers now to 131 subdivision homes sold at an average of $86.46 per square foot.
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Maricopa Market Update February 13, 2016

For the first time this year, the number of available homes dropped slightly to 448 subdivision homes now listed on the MLS, down from 454 the week prior, and listed at an average of $95.86 per square foot. The number of homes going under contract certainly impacted that number though as homes pending jumped by more than 10% to 197 homes under contract, up from 179 the week prior, but it was just an average week in sales as 18 homes sold over the last 7 days, selling at an average of $95.57 per square foot and bringing our YTD numbers now to 113 subdivision homes sold at an average of $87.33 per square foot.

So the final MLS January numbers are in and once again the trajectory is positive. The average sold price of a single family detached home in Maricopa increased by more than 8% to $167,489, up from $154,242 last January. The number of homes sold also increased by more than 8% with 90 SFD homes selling in Maricopa this January versus the 83 homes sold in January 2015. The average days on market dropped by 19% and there was a resurgence
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Maricopa Market Update February 6, 2016

There was a one week pause in the ascent of available homes as 454 subdivision homes are once again listed on the MLS at an average of $95.96 per square foot. The number of homes under contract however jumped by more than 11% with 179 homes now pending, up from 160 the week prior but it was a soft week in sales as just 18 homes closed escrow, selling at an average of $79.45 per square foot and bringing our YTD numbers now to 100 homes sold at an average of $85.62 per square foot. By comparison, through the same time period last year, 105 homes had sold, selling at an average of $75.65 per square foot, so while we are lagging in units sold, the market is up just over 13% in the average sold price per square foot. In terms of the current inventory mix, 94% are traditional resale homes, 4% are distressed (HUD, Short Sale, Bank Owned), and 2% are new builds. In terms of subdivisions, here’s a breakdown of 6 of the larger subdivisions in town:
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