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Maricopa Market Update January 28, 2017

The number of available subdivision homes does not move much again this week as 305 homes are once again active on the MLS, listed at an average of $98.44 per square foot. 170 homes are currently under contract pending close of escrow and since the first of the year 83 homes have sold, selling at an average of $85.27 per square foot. By comparison through the same time period last year just 69 homes had sold selling at an average of $84.82 per square foot. Historically, January has most always been the slowest month of the year. January 2015 saw just 83 subdivision home sales, which sold back then at an average of $76.49 per square foot, and January 2016 saw just 90 subdivision homes sell for the month, selling at an average of $86.90 per square foot. Contrast that with the strongest month of the year last year, which was June with 183 home sales at an average of $86.67.

So let’s take a quick look at four categories of homes in terms of current availability and sell through over the last 6 months to get a sense of supply. The four categories will be single stories with and without pools, and two stories with and without pools.
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Maricopa Market Update January 14, 2017

The number of available subdivision homes has remained remarkably consistent over the last several months with 305 homes actively listed on the MLS once again this week, listed at an average of $99.25 per square foot. 144 homes are currently under contract, and since the first of the year 40 homes have sold, selling at an average of $83.46 per square foot. By comparison through the same time period last year, 20 homes had sold at an average of $84.06 per square foot so buyer demand is obviously stronger out of the gate this year and all indications are that demand for housing will continue to be strong as commercial development in the area grows, employment expands, and consumer confidence rises.

The dust has settled on the 2016 residential market in Maricopa and the numbers are up across the board. More importantly the trajectory of the market is as robust as it has been in the last 10 years. Sales of residential homes in Maricopa increased by nearly 11% in 2016 with 1,702 homes sold versus the 1,534 homes sold in 2015.
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Maricopa Market Update January 7, 2017

We begin the new year with just 302 subdivision homes available on the MLS, listed at an average of $98.01 per square foot. 138 homes are currently under contract and 15 homes have sold since the first of the year, selling at an average of $88.28 per square foot. 15 homes may not sound like a lot but considering that there has been just 4 business days so far this year, that translates to nearly 4 homes closing per day which by any measure is a fast pace. If this first week of the year is any indication on how the rest of the year plays out, 2017 could be a record year for the Maricopa Residential Market, and why not? Homes sales hit a low point in 2014 following 5 straight years of sales increases following the 2008 crash but then trended upward again. Sales rebounded with a 15% gain in 2015 and while the dust has yet to settle on 2016, preliminary numbers indicate a 10% gain in sales, so in light of the current and projected commercial development in the area, the recent employment news, and the pace of new builds, the market is poised to be one of the strongest yet in 2017. I will have final 2016 numbers for your review in a couple of weeks.

So let’s a look a brief look at a vanishing component of the residential market and that is the distressed market; those homes listed as either a short sale, bank owned, or HUD property and you will be as surprised as I was to learn that just 12 homes are currently listed in that category. That’s just 4% of the total available inventory.
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