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Maricopa Market Update August 20, 2016

The dog days of summer are upon us and the market is acting accordingly. The number of available Maricopa homes for sale is at a low point for the year with just 302 subdivision homes actively listed on the MLS at an average of $94.10 per square foot. 229 homes are currently under contract and 62 homes sold over the last two weeks, selling at an average of $85.62 per square foot and bringing our YTD numbers now to 1,061 homes sold at an average of $86.80 per square foot. By comparison, through the same time period last year 970 homes had sold at an average of $76.95 per square foot, so the Maricopa residential market is currently tracking up 9.4% in terms of sales, and 12.8% in terms of the average sold price per square foot. These are very encouraging gains as 2014 represented a 7 year low in terms of sales with just 1,318 homes sold. 2015 built upon that with a 16% gain, or 1,534 homes sold and now 2016 is building upon those gains. Considering the commercial expansion in town and at the Ak Chin Casino, and with the fast pace of new residential construction in the area, I suspect these sustainable gains will continue for the next few years.

Speaking of new home construction, this component of the market is becoming as big of a factor is it was during the days of 2003-2006.
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Maricopa Market Update August 6, 2016

The number of available homes is a mirror image of itself from two weeks ago as 319 subdivision homes are currently listed on the MLS at an average of $92.89 per square foot. 223 homes are currently under contract and it was another strong two weeks of sales as 81 homes closed escrow over that period, selling at an average of $89.63 per square foot, and bringing our YTD numbers now to 997 homes sold at an average of $86.89 per square foot. By comparison, through the same time period last year 912 homes had sold at an average of $77.08 per square foot, so the Maricopa residential market is currently tracking up 9.3% in sales, and 12.7% in terms of the average sold price per square foot. Keep in mind, all of the sales gains have happened over the last 90 days as year over year home sales in Maricopa were flat through April.

So let’s take a look at the last 90 days. July was particularly strong with a 22.7% increase in sales over July 2015 and a 17.4% increase in the average sold price per square foot. June was no slouch either
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