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Maricopa Market Update October 29, 2016

The needle on the number of available homes just wont move much as 324 subdivision homes are once again listed on the MLS, listed at an average of $97.87 per square foot, however I will note that the current listing average is slightly skewed by the unusually high number of new builds listed. 57 new build homes, or nearly 18% of the total available inventory are currently listed on the MLS, listed at an average of $121.68 per square foot, so when the new build homes are stripped away, the average list price of the remaining resale homes drops to $92.83 per square foot which is still the strongest average of the year for resale homes. 193 homes are currently under contract, down from 212 the week prior, and it was a decent two weeks of sales as 59 homes sold over that period, selling at an average of $89.73 per square foot and bringing our YTD numbers now to 1,383 subdivision homes sold at an average of $86.85 per square foot. By comparison, through the same time period last year 1,250 homes had sold at an average of $77.42 per square foot, so the Maricopa residential market is tracking up 10.6% in terms of sales, and up 12.1% in terms of the average sold price per square foot.

All the trend lines are up in Maricopa and more importantly they are sustainable. Overall sales are up 10%, the average sold price of SFD home in Maricopa is up 6%, the total dollar volume is up nearly 7%,
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Maricopa Market Update October 15, 2016

The number of available subdivision homes in Maricopa has remained very consistent over the last 60 days with 324 homes once again listed on the MLS this week at an average of $97.86 per square foot. 208 homes are currently under contract up from 187 homes just 14 days ago, and it was an average two weeks in sales as 50 homes sold over that time period, selling at an average of $85.98 per square foot. The new build market continues to be a dominant component with 57 newly constructed homes listed this week on the MLS at an average of $121.78 per square foot. Consider that when the new builds are subtracted from the total available inventory, just 267 resale homes remain, or based on current demand that translates to less than a 60 day supply of homes.

So let’s take a brief look at how September fared and then some YTD numbers. It should be no surprise that all the market indicators are on positive trajectories.
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Maricopa Market Update October 1, 2016

The needle just won’t move on the number of available subdivision homes however the number of homes under contract fell by 10% over the last couple of weeks. 317 homes are once again listed on the MLS this week, listed at an average of $96.10 per square foot, 187 homes are currently under contract down from 210 just two weeks ago but sales did not disappoint as 78 homes sold over the last 14 days, selling at an average of $86.02 per square foot and bringing our YTD numbers now to 1,271 homes sold at an average of $86.55 per square foot. By comparison through the same time period last year, 1,163 homes had sold at an average of $77.71 per square foot so the Maricopa residential market is currently tracking up 9.3% in terms of homes sold and 11.4% in terms of the average sold price per square foot. Here’s an interesting comparison, since the first of the year 3,442 homes have sold in Chandler at an average of $147.02 per square foot, so Maricopa not only offers newer homes, newer subdivisions, and an expanding infrastructure, homes in Maricopa are selling on average for 41% less than homes just 20 minutes north.

Speaking of expanding infrastructure, there is a lot going on in Maricopa at the moment. Big 5 is building in front of Walmart with plans to open before the Holidays;
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