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Maricopa Market Update May 28, 2016

Home sales in 2016 have finally gained the upper hand on 2015, thanks to May. With 4 more days left in the month, May ’16 sales are already 24% higher than sales for the entire month of May ’15, and those figures have finally resulted in the market realizing YTD gains after being flat for most of the year. First of all the number of available subdivision homes ticked up slightly over the last 7 days to 402 homes now listed on the MLS at an average of $93.30 per square foot. 260 homes are currently under contract, down from 263 the week prior, and 33 homes closed escrow over the last week, selling at an average of $90.88 per square foot and bringing our YTD numbers now to 615 homes sold at an average of $86.21 per square foot. By comparison through the same time period last year, 585 homes had sold at an average of $77.49 per square foot, so the market is trending up 11.2% in the average sold price per square foot, and 5% up in sales.

Buyer demand all year has been good and the market is balanced with less than a 100 days supply of inventory
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Maricopa Market Update May 21, 2016

The number of available homes ticked up slightly over the last 7 days with 395 subdivision homes now listed on the MLS at an average of $93.11 per square foot. 263 homes are currently under contract pending close of escrow and it was another very strong week in sales with 43 homes closing escrow over the last week, selling at an average of $87.42 per square foot and bringing our YTD numbers now to 576 homes sold at an average of $86,03 per square foot. By comparison, 557 homes had sold through the same time period last year, selling at an average of $77.50 per square foot, so for the first time this year, sales are starting to out pace last year’s sales, now up by 3.4% while the average sold price per square foot remains up 11%.

So this week let’s take a look at subdivision homes by price point in terms of homes currently available, currently under contract and sold within the last 90 days.
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Maricopa Market Update May 14, 2016

The number of available subdivision homes drops significantly over the last 7 days while the number of homes accepting contracts climbs. 390 subdivision homes are currently listed on the MLS, down from 404 the week prior, and listed at an average of $93.09 per square foot. 279 homes are currently under contract up from 252 the week prior and it was an average week in sales as 22 homes closed escrow over the last 7 days, selling at an average of $86.04 per square foot, and bringing our YTD numbers now to 530 homes sold at an average of $86.03 per square foot. By comparison through the same time period last year, 531 homes had sold at an average of $77.47 per square foot, so the market is flat in terms of year over year sales but still tracking at an 11% increase in the average sold price per square foot.

So let’s take a quick look at how April finished up.
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Maricopa Market Update May 7, 2016

Another slight drop in the number of available subdivision homes over the last 7 days, and it was another good week in sales. 404 subdivision homes for sale in Maricopa are currently listed on the MLS at an average $93.20 per square foot, 252 homes are currently under contract, up from 246 the week prior, and 25 homes sold over the last week, selling at an average of $86.16 per square foot and bringing our YTD numbers now to 508 homes sold at an average of $86.02 per square foot. By comparison, through the same time period last year, 505 homes had sold at an average of $77.55 per square foot, so while we are keeping pace with last year in terms of sales, the Maricopa market is tracking at a 10.9% increase in the average sold price per square foot, and a 6% increase in the average sold price of a single family home. Also worth noting, now that we are more than 30% through 2016 it is likely that we will finish the year over the $80 average sold price per square foot, a benchmark we reached a few times last year but fell short right at the end finishing the 2015 year at a $78.71 average. Considering that in 2010 the average sold price per square foot was $48.98, we have come along way in a little over 5 years.

So let’s take a look at the market in terms of traditional resale homes, distressed properties, and new builds and for this analysis, I will exclude the subdivision of Province from the broader Maricopa market
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Maricopa Market Update April 30, 2016

The number of available subdivision homes falls for the second straight week and this last week was the largest week in sales for the entire year. 407 subdivision homes are actively listed on the MLS, down from 415 the week prior and listed at an average of $93.77 per square foot. 247 homes are currently under contract, down from last weeks number of 272, and it was a huge week in sales with 58 homes closing escrow over the last 7 days, selling at an average of $82.96 per square foot and bringing our YTD numbers now to 483 homes sold at an average of $85.81 per square foot. By comparison through the same time period last year, 478 homes had sold at an average of $77.23 per square foot, so the market is up slightly in terms of sales but is still tracking at an 11.1% increase in the average sold price per square foot. Buyer demand continues to be strong and has been assisted by the new Pathway to Purchase program which is grant program offering down payment assistance for qualified buyers. This program can be the difference maker certainly with first time home buyers, but also with folks looking to move up to that larger second home, so be sure to ask your Realtor in Maricopa AZ or lender about the qualifications.

So let’s a take look at the markets of distressed properties, new builds, and the Province subdivision
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