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Maricopa Market Update July 23, 2016

The number of available Maricopa AZ homes for sale continues it’s descent over the last couple of weeks with just 319 subdivision homes now listed on the MLS, down from 341 available homes just 14 days ago, and listed at an average of $93.45 per square foot. 250 homes are currently under contract, and the sales pace remains strong as 81 homes closed escrow over the last two weeks, selling at an average of $89.80 per square foot and bringing our YTD numbers now to 919 homes sold at an average of $86.61 per square foot. By comparison through the same time period last year, 840 homes had sold at an average of $77.11 per square foot, so the Maricopa residential market is tracking up 9.4% in terms of sales and a healthy 12.3% in terms of the average sold price per square foot.

The National Association of Realtors opined earlier this week that due to the strong pace of sales through the first six months of the year, there could likely be a housing shortage going into the last half of the year. And this opinion has some merit considering the current market balance here in Maricopa.
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Maricopa Market Update July 9, 2016

The number of available subdivision homes drops once again over the last 7 days with 339 homes now active on the MLS, down from 352 the week prior, and listed at an average of $93.65 per square foot. 267 homes are currently under contract, and it was an average week in sales with 19 homes closing escrow, selling at an average of $82.38 per square foot and bringing our YTD numbers now to 841 homes sold at an average of $86.36 per square foot. By comparison through the same time period last year 786 homes had sold at an average of $79.16 per square foot, so the residential market is still tracking up 6.9% in terms of sales and 9% in terms of the average sold price per square foot.

So let’s take a look at how June 2016 did compared with June 2015, then I will detail some market data for the first 6 months of the year. First of all there are positive trajectories in all of the important market data for June, beginning with a 22% increase in sales
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Maricopa Market Update July 2, 2016

The number of available subdivision homes has dropped significantly over the last couple of weeks and 2016 home sales continue to outpace 2015’s sales. 352 subdivision homes are currently listed on the MLS at an average of $93.80 per square foot, down from 379 homes just two weeks ago. 241 homes are currently under contract, and it was a very strong 2 weeks of sales as 93 homes sold over that period, selling at a very strong average of $89.15 per square foot and bringing our YTD numbers now to 823 homes sold at an average of $86.43 per square foot. By comparison through the same time period last year, 768 homes had sold at an average of $77.49 per square foot, so the Maricopa residential market is tracking up 7.1% in terms of sales and 15% in terms of the average sold price per square foot. For the first 90 days of this year, the market was behind 2015’s pace in terms of sales, but buyer demand has been helped along by the new Pathway to Purchase program, and second quarter sales are obviously a reflection of that increased demand. In terms of availability, when the new build homes are subtracted from the total, there are just 302 resale subdivision homes available and considering the current pace of sales, there is less than an 80 day supply of homes.

Next week I will have more detail for June 2016 sales as well as sell through numbers for the first 6 months of the year. For now, let’s look at the subdivision of Homestead and the sell through data in those neighborhoods.
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