No Comments

Maricopa Market Update March 26, 2016

It was an average week in sales but the number of homes currently under contract remains sky high. To begin with there is currently 425 subdivision homes available on MLS listed at an average of $94.43 per square foot. 257 homes are currently under contract up from 253 the week prior and one of the highest number of “pendings” that I can ever remember in this market, and 25 homes sold over the last week, selling at an average of $80.42 per square foot, bringing our YTD numbers now to 279 homes sold at an average of $85.06 per square foot. By comparison through the same time period last year, 288 homes had sold at an average of $76.83 per square foot, so we are tracking at 3% drop in homes sold but a 10.7% increase in the average sold price per square foot.

I had a reader make the point that the measure of square footage is not a true measure of a home’s value and he is absolutely correct as so many other factors come into play,
Read more

No Comments

Maricopa Market Update March 19, 2016

The number of available homes declines slightly once again while the number of homes accepting contracts continues to climb, and it was a strong week in sales. 412 subdivision homes are now currently listed on the MLS, down from last weeks number of 435, and listed at an average of $94.99 per square foot. 253 homes are currently under contract, up from 241 a week prior, and it was a good week in sales as 36 homes closed escrow over the last 7 days selling at an average of $84.65 per square foot and bringing our YTD numbers now to 254 subdivision homes sold at an average of $85.52 per square foot. By comparison, through the same time period last year, 259 subdivision homes had sold at an average of $76.91 per square foot, so while we remain down slightly from last year’s sales total, we are tracking at just over an 11% increase in the average sold price per square foot.

So let’s take a look at what is proving to be a challenging sub market within the broader Maricopa market and that is the subdivision of Province, the 55+ community here in Maricopa and a community of which that just 10 years ago was rated as the top 55+ community in the entire country.
Read more

No Comments

Maricopa Market Update March 12, 2016

The number of available homes drops once again over the last 7 days albeit slightly now standing at 435 subdivision homes listed on the MLS at an average of $95.21 per square foot. The number of homes under contract continues to increase with 241 homes now pending close of escrow and it was another decent week in sales with 25 homes closing escrow over the last week, selling at an average of $82.80 per square foot and bringing our YTD numbers now to 219 subdivision homes sold at an average of $85.36 per square foot. Buyer demand has felt good all year and many industry experts have predicted that 2016 will be a strong year. Well based on the current number of homes under contract compared with the number of homes currently available, there is less than 90 days worth of supply, and that measure is considered to be the sign of a balanced and healthy residential real estate market by nearly every industry analyst.

So let’s take a look at some market data for February 2016 vs February 2015 and some data for the first 60 days of the year versus last year.
Read more

No Comments

Maricopa Market Update March 5, 2016

The number of available homes remained consistent over the last 7 days with 444 subdivision homes currently listed on the MLS at an average of $95.47 per square foot. 220 homes remain under contract, down from 222 the week prior and it was a strong week in sales with 39 homes closing escrow over the last week, selling at an average of $85.56 per square foot and bringing our YTD numbers now to 206 subdivision homes sold at an average of $85.67 per square foot. By comparison through the same time last year, 201 homes had sold at an average of $76.90 per square foot, and I will note that this is the first time that 2016 sales have topped 2015’s numbers, thanks to the last couple of weeks of strong sales numbers. There also remains a 10%+ discrepancy in the average list price per square foot, versus the average sold price per square foot, so sellers are coming off their original list price numbers suggesting we are still in a buyers market despite the increase in demand.

Next week I will have a more detailed analysis of February 2016 and the first 60 days of the year, but here is a precursory look at the sell through numbers for February. In total, 97 subdivision homes sold in February and the breakdown is as follows:
Read more