No Comments

Maricopa Market Update July 9, 2016

The number of available subdivision homes drops once again over the last 7 days with 339 homes now active on the MLS, down from 352 the week prior, and listed at an average of $93.65 per square foot. 267 homes are currently under contract, and it was an average week in sales with 19 homes closing escrow, selling at an average of $82.38 per square foot and bringing our YTD numbers now to 841 homes sold at an average of $86.36 per square foot. By comparison through the same time period last year 786 homes had sold at an average of $79.16 per square foot, so the residential market is still tracking up 6.9% in terms of sales and 9% in terms of the average sold price per square foot.

So let’s take a look at how June 2016 did compared with June 2015, then I will detail some market data for the first 6 months of the year. First of all there are positive trajectories in all of the important market data for June, beginning with a 22% increase in sales
Read more

No Comments

Maricopa Market Update July 2, 2016

The number of available subdivision homes has dropped significantly over the last couple of weeks and 2016 home sales continue to outpace 2015’s sales. 352 subdivision homes are currently listed on the MLS at an average of $93.80 per square foot, down from 379 homes just two weeks ago. 241 homes are currently under contract, and it was a very strong 2 weeks of sales as 93 homes sold over that period, selling at a very strong average of $89.15 per square foot and bringing our YTD numbers now to 823 homes sold at an average of $86.43 per square foot. By comparison through the same time period last year, 768 homes had sold at an average of $77.49 per square foot, so the Maricopa residential market is tracking up 7.1% in terms of sales and 15% in terms of the average sold price per square foot. For the first 90 days of this year, the market was behind 2015’s pace in terms of sales, but buyer demand has been helped along by the new Pathway to Purchase program, and second quarter sales are obviously a reflection of that increased demand. In terms of availability, when the new build homes are subtracted from the total, there are just 302 resale subdivision homes available and considering the current pace of sales, there is less than an 80 day supply of homes.

Next week I will have more detail for June 2016 sales as well as sell through numbers for the first 6 months of the year. For now, let’s look at the subdivision of Homestead and the sell through data in those neighborhoods.
Read more

No Comments

Maricopa Market Update June 18, 2016

The number of available subdivision homes for sale in Maricopa remains unchanged with 378 homes listed on the MLS at an average of $94.06 per square foot. 259 homes are currently under contract, down from 271 the week prior, and it was a strong week in sales as 39 homes closed escrow, selling at an average of $83.08 per square foot and bringing our YTD numbers now to 728 homes sold at an average of $85.98 per square foot. By comparison through the same time period last year, 692 homes had sold at an average of $77.58 per square foot, so the residential market in Maricopa is starting to put some distance between 2015 and is now tracking at a 5.2% increase in terms of sales and a 10.8% increase in the average sold price per square foot. One item to note is that this is the first time this year that the YTD average sold price per square foot fell below the $86 mark and my suspicion is that that measure will continue to drop slightly over the next few months. Also, there are approximately 50 new build homes actively listed on the MLS, meaning that there are just 328 traditional resale homes listed in Maricopa in a market that is currently averaging about 130 sales per month, translating to just about a 75 day worth of supply of homes based on current demand and with the Pathway to Purchase program generating more and more demand, Maricopa could possibly have a shortage of homes soon.

This week, the spotlight is on The Villages at Rancho El Dorado and below is a look at the availability of single story and two story homes with and without pools, and then the new build homes.
Read more

No Comments

Maricopa Market Update June 11, 2016

The number of available subdivision homes drops over the last 7 days now down to 379 homes listed on the MLS at an average of $94.29 per square foot. 271 homes are currently under contract, up from 261 the week prior and it was another average week in sales as 27 homes closed escrow, selling at an average of $82.34 per square foot and bringing our YTD numbers now to 688 homes sold at an average of $86.03 per square foot. By comparison through the same time period last year, 660 homes had sold at an average of $77.55 per square foot so the Maricopa residential market is now tracking up 4.2% in terms of sales and 10.9% in the average sold price per square foot. Also, the average sold price for a single family home in Maricopa for May 2016 was $172,744, up 4% over May 2015’s average of $166,058.

So I thought throughout the summer I would highlight a “subdivision of the week” and detail the current availability and the 90 day sell through in that subdivision to try and get a more accurate reading of the sub markets within the broader market.
Read more

No Comments

Maricopa Market Update June 4, 2016

The number of available subdivision homes dips once again over the last 7 days with 394 homes currently listed on the MLS at an average of $95.05 per square foot. 261 homes are currently under contract, and it was an average week in sales as 29 homes closed escrow over the last week, selling at an average of $87.01 per square foot and bringing our YTD numbers now to 647 subdivision homes sold at an average of $86.28 per square foot. By comparison, through the same time period last year, 628 homes had sold at an average of $77.65 per square foot, so the residential market in Maricopa is tracking up 3% in sales and 11.1% in the average sold price per square foot.

As mentioned last week, residential homes sales in May outpaced May 2015 sales, and were sufficient enough to finally realize YTD gains after four months of flat sales.
Read more