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Maricopa Market Update February 13, 2016

For the first time this year, the number of available homes dropped slightly to 448 subdivision homes now listed on the MLS, down from 454 the week prior, and listed at an average of $95.86 per square foot. The number of homes going under contract certainly impacted that number though as homes pending jumped by more than 10% to 197 homes under contract, up from 179 the week prior, but it was just an average week in sales as 18 homes sold over the last 7 days, selling at an average of $95.57 per square foot and bringing our YTD numbers now to 113 subdivision homes sold at an average of $87.33 per square foot.

So the final MLS January numbers are in and once again the trajectory is positive. The average sold price of a single family detached home in Maricopa increased by more than 8% to $167,489, up from $154,242 last January. The number of homes sold also increased by more than 8% with 90 SFD homes selling in Maricopa this January versus the 83 homes sold in January 2015. The average days on market dropped by 19% and there was a resurgence
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Maricopa Market Update February 6, 2016

There was a one week pause in the ascent of available homes as 454 subdivision homes are once again listed on the MLS at an average of $95.96 per square foot. The number of homes under contract however jumped by more than 11% with 179 homes now pending, up from 160 the week prior but it was a soft week in sales as just 18 homes closed escrow, selling at an average of $79.45 per square foot and bringing our YTD numbers now to 100 homes sold at an average of $85.62 per square foot. By comparison, through the same time period last year, 105 homes had sold, selling at an average of $75.65 per square foot, so while we are lagging in units sold, the market is up just over 13% in the average sold price per square foot. In terms of the current inventory mix, 94% are traditional resale homes, 4% are distressed (HUD, Short Sale, Bank Owned), and 2% are new builds. In terms of subdivisions, here’s a breakdown of 6 of the larger subdivisions in town:
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Maricopa Market Update January 30, 2016

The number of available homes are once again on the ascent albeit at a slightly slower pace this week. 454 subdivision homes are now listed on the MLS, up from 441 the week prior, and listed at an average of $96.06 per square foot. 160 homes are currently under contract, down from 162 the week prior, and it was a good week in sales with 33 homes selling over the last 7 days, selling at an average of $92.46 per square foot, and bringing our YTD numbers now to 82 homes sold at an average of $86.77 per square foot. Just a quick note here, the weekly average sold price per square foot of $92.46 is the strongest selling average in 9 years. Now obviously this is just a week’s sample size but stronger demand, a growing commercial infrastructure and consumer confidence in the local economy are all current contributing factors to our strengthening home values. By comparison and oddly enough, 82 homes were also sold in January of 2015, however those homes sold at an average of $76.49 per square foot, so while sales were even with last year, the market realized a 13.4% increase in the monthly average sold price per square foot.

So let’s take a look at the breakdown of the January’s sales numbers by category.
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Maricopa Market Update January 23, 2016

Another week and another uptick in the number of available homes with 441 subdivision homes now listed on the MLS, up from 424 the week prior, and listed at an average of $95.68 per square foot. 162 homes are currently under contract, up from 157, and 24 homes sold over the last 7 days, selling at an average of $82.04 per square foot and bringing our YTD numbers now to 49 homes sold at an average of $83.55 per square foot. Just by comparison, we are off of last year’s sales pace by 10% but the average sold price per square foot has increased by over 9% from last years average. Obviously though these numbers are extrapolated from a very small sample size so it’s much to early to predict any trends however buyer demand has felt really good since the beginning of the year, which may have something to do with the fact that interest rates are likely to tick up in the last half of this year but as we have discussed earlier, the 30 year FRM (fixed rate mortgage) is tied to the yields of 10 year treasury notes and since the DOW has been plunging, treasuries are enjoying strong demand so actually 30 year FRM rates have dropped slightly in the last week. Buyers should definitely take advantage of this current dynamic because rates under 4% are historically low as any seasoned buyer can attest to.
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Maricopa Market Update January 16, 2016

The number of available subdivision homes jumped up by more than 7% once again over the last week with 424 homes now listed on the MLS at an average of $95.60 per square foot. The number of homes under contract jumped up as well with 157 homes now in pending status, up from 138 the week prior, and 19 homes sold over the last 7 days, selling at an average of $85.09 per square foot and bringing our YTD numbers now to 29 homes sold at an average of $83.36 per square foot. It’s been a busy 2016 so far with the number of available homes increasing by nearly 20% and homes receiving accepted contracts up by nearly 15%.

So let’s take a look at the current inventory mix of new homes, distressed homes and traditional resale homes and
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