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Maricopa Market Update April 23, 2016

The number of available subdivision homes for sale in Maricopa Arizona drops slightly over the last 7 days and the number of homes going under contract continues to climb. 415 subdivision homes are currently listed on the MLS, down from 423 the week prior, and listed at an average of $93.66 per square foot. 272 homes are currently under contract, up from last weeks number of 260, and it was another strong week in sales with 41 homes closing escrow over the last 7 days, selling at an average of $85.82 per square foot and bringing our YTD numbers now to 424 homes sold at an average of $86.26 per square foot. By comparison, through the same time period last year, 429 homes had sold at an average of $77.14 per square foot, so the YTD market is currently down in terms of units sold but tracking at an 11.8% increase in terms of the average sold price per square foot.

So let’s take a look at the 272 homes currently under contract.
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Maricopa Market Update April 16, 2016

The number of available subdivision homes has remained very consistent over the last 4 weeks with 423 homes listed again this week at an average of $93.26 per square foot. The number of homes currently under contract stands at 264 and it was a huge week in sales with 45 homes closing escrow over the last 7 days, selling at an average of $89.80 per square foot and bringing our YTD numbers now to 395 homes sold at an average of $86.53 per square foot. By comparison through the same time period last year 393 homes had sold at an average of $77.68 per square foot, so while we remain flat in terms of sales the market is tracking at an 11.3% increase in the average sold price per square foot.

I usually focus strictly on the Maricopa market on my weekly updates but this week I thought it would be interesting to take a quick look at some of the data from the broader ARMLS (Arizona Regional Multiple Listing Service) region.
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Maricopa Market Update April 9, 2016

The number of available homes dropped slightly over the last 7 days now down to 421 subdivision homes listed on the MLS, down from 435 the week prior, and listed at an average of $93.67 per square foot. 265 homes are currently under contract, up more than 10% over last week’s number of 234, but it was a slow week in sales as just 17 homes closed escrow over the last week, selling at an average of $87.55 per square foot.

So let’s take a look at how the Maricopa market is performing for the first quarter of 2016, then I will lay out March’s numbers. Interestingly enough, the total number SFD homes sold over the last 90 days is exactly the same number of homes sold through the same time period last year which is 348 homes sold, however the average sold price of those homes has increased by 6.1% to $171,942 over last year’s average of $162,050.
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Maricopa Market Update April 2, 2016

The number of homes under contract fell by 20% over the last 7 days dues to an extraordinary week in sales. First of all, 435 subdivision homes are currently listed on the MLS, up from 425 the week prior, and listed at an average of $93.67 per square foot. 234 homes are currently under contract down from last week’s number of 257, and 59 homes sold over the last 7 days, selling at an average of $90.06 per square foot, and bringing our YTD numbers now to 339 homes sold at an average of $86.21 per square foot. By comparison through the same time period last year, 344 homes had sold at an average of $77.25 per square foot so while we remain down slightly in terms of homes sold, the appreciation in the average sold price per square foot is significant. The 59 homes sold over the last 7 days is worth a mention as that is the strongest week in sales in well over a year. Also worth a mention is our yearly average sold price per square foot, which has remained consistent in the mid $80’s this entire year after flirting with the $80 mark towards the end of last year but finishing the 2015 year at $78.71.

So let’s take a look at sell through by price point over the last 6 months, and for those of you who follow the market, there really are no surprises.
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Maricopa Market Update March 26, 2016

It was an average week in sales but the number of homes currently under contract remains sky high. To begin with there is currently 425 subdivision homes available on MLS listed at an average of $94.43 per square foot. 257 homes are currently under contract up from 253 the week prior and one of the highest number of “pendings” that I can ever remember in this market, and 25 homes sold over the last week, selling at an average of $80.42 per square foot, bringing our YTD numbers now to 279 homes sold at an average of $85.06 per square foot. By comparison through the same time period last year, 288 homes had sold at an average of $76.83 per square foot, so we are tracking at 3% drop in homes sold but a 10.7% increase in the average sold price per square foot.

I had a reader make the point that the measure of square footage is not a true measure of a home’s value and he is absolutely correct as so many other factors come into play,
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