The number of available homes for sale in Maricopa has stayed real consistent over the last several weeks with 313 subdivision homes listed on the MLS this week at an average of $95.66 per square foot. 210 homes are currently under contract and 53 homes have sold over the last couple of weeks, selling at an average of $87.16 per square foot and bringing our YTD numbers now to 1,194 homes sold at an average of $86.63 per square foot. The rise in the average sold price per square foot has been significant this year. Last year, the market flirted with the $80 mark on a couple of occasions but ultimately fell short, ending the 2015 sales year with a $78.71 per square foot average. This year however we crested the $80 mark in late January and have not looked back and even though there are a few months left in the year, the trajectory of the market suggests that not only will the average sold price per square foot top the $80 mark, it will most likely finish above the $85 mark. An impressive 12 month gain in this broad market value.
So let’s take a look at how the month of August did year over year, and then take a quick look at YTD numbers through the first 8 months of the year.
The number of available Maricopa homes for sale inches up over the last two weeks with 315 subdivision homes now listed on the MLS at an average of $95.42 per square foot. 210 homes are currently under contract, down from 229 just two weeks ago and 75 homes sold over the last couple of weeks, selling at an average of $83.27 per square foot and bringing our YTD numbers now to 1,141 homes sold at an average of $86.57 per square foot. By comparison through the same time period last year 1,046 homes had sold at an average of $77.26 per square foot, so the residential market in Maricopa is currently tracking up 9% in terms of sales and 12% in terms of the average sold price per square foot. In the last update I detailed the significant impact that new build homes were having on the market and to illustrate that again, consider that 64 new build homes, or 20% of the total number of Maricopa subdivision homes currently available on the MLS, are new build homes. This ratio has not been seen in nearly ten years.
So how about the other end of the residential market, distressed properties? This is a component of the market that has thankfully been on the decline over the last few years.