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Maricopa Market Update September 17, 2016

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.
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Maricopa Market Update September 3, 2016

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.
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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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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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