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Maricopa Market Update April 30, 2016

The number of available subdivision homes falls for the second straight week and this last week was the largest week in sales for the entire year. 407 subdivision homes are actively listed on the MLS, down from 415 the week prior and listed at an average of $93.77 per square foot. 247 homes are currently under contract, down from last weeks number of 272, and it was a huge week in sales with 58 homes closing escrow over the last 7 days, selling at an average of $82.96 per square foot and bringing our YTD numbers now to 483 homes sold at an average of $85.81 per square foot. By comparison through the same time period last year, 478 homes had sold at an average of $77.23 per square foot, so the market is up slightly in terms of sales but is still tracking at an 11.1% increase in the average sold price per square foot. Buyer demand continues to be strong and has been assisted by the new Pathway to Purchase program which is grant program offering down payment assistance for qualified buyers. This program can be the difference maker certainly with first time home buyers, but also with folks looking to move up to that larger second home, so be sure to ask your Realtor in Maricopa AZ or lender about the qualifications.

So let’s a take look at the markets of distressed properties, new builds, and the Province subdivision
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Maricopa Market Update April 23, 2016

The number of available subdivision homes for sale in Maricopa Arizona drops slightly over the last 7 days and the number of homes going under contract continues to climb. 415 subdivision homes are currently listed on the MLS, down from 423 the week prior, and listed at an average of $93.66 per square foot. 272 homes are currently under contract, up from last weeks number of 260, and it was another strong week in sales with 41 homes closing escrow over the last 7 days, selling at an average of $85.82 per square foot and bringing our YTD numbers now to 424 homes sold at an average of $86.26 per square foot. By comparison, through the same time period last year, 429 homes had sold at an average of $77.14 per square foot, so the YTD market is currently down in terms of units sold but tracking at an 11.8% increase in terms of the average sold price per square foot.

So let’s take a look at the 272 homes currently under contract.
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Maricopa Market Update April 16, 2016

The number of available subdivision homes has remained very consistent over the last 4 weeks with 423 homes listed again this week at an average of $93.26 per square foot. The number of homes currently under contract stands at 264 and it was a huge week in sales with 45 homes closing escrow over the last 7 days, selling at an average of $89.80 per square foot and bringing our YTD numbers now to 395 homes sold at an average of $86.53 per square foot. By comparison through the same time period last year 393 homes had sold at an average of $77.68 per square foot, so while we remain flat in terms of sales the market is tracking at an 11.3% increase in the average sold price per square foot.

I usually focus strictly on the Maricopa market on my weekly updates but this week I thought it would be interesting to take a quick look at some of the data from the broader ARMLS (Arizona Regional Multiple Listing Service) region.
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Maricopa Market Update April 9, 2016

The number of available homes dropped slightly over the last 7 days now down to 421 subdivision homes listed on the MLS, down from 435 the week prior, and listed at an average of $93.67 per square foot. 265 homes are currently under contract, up more than 10% over last week’s number of 234, but it was a slow week in sales as just 17 homes closed escrow over the last week, selling at an average of $87.55 per square foot.

So let’s take a look at how the Maricopa market is performing for the first quarter of 2016, then I will lay out March’s numbers. Interestingly enough, the total number SFD homes sold over the last 90 days is exactly the same number of homes sold through the same time period last year which is 348 homes sold, however the average sold price of those homes has increased by 6.1% to $171,942 over last year’s average of $162,050.
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Maricopa Market Update April 2, 2016

The number of homes under contract fell by 20% over the last 7 days dues to an extraordinary week in sales. First of all, 435 subdivision homes are currently listed on the MLS, up from 425 the week prior, and listed at an average of $93.67 per square foot. 234 homes are currently under contract down from last week’s number of 257, and 59 homes sold over the last 7 days, selling at an average of $90.06 per square foot, and bringing our YTD numbers now to 339 homes sold at an average of $86.21 per square foot. By comparison through the same time period last year, 344 homes had sold at an average of $77.25 per square foot so while we remain down slightly in terms of homes sold, the appreciation in the average sold price per square foot is significant. The 59 homes sold over the last 7 days is worth a mention as that is the strongest week in sales in well over a year. Also worth a mention is our yearly average sold price per square foot, which has remained consistent in the mid $80’s this entire year after flirting with the $80 mark towards the end of last year but finishing the 2015 year at $78.71.

So let’s take a look at sell through by price point over the last 6 months, and for those of you who follow the market, there really are no surprises.
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