No Comments

Maricopa Market Update October 1, 2016

The needle just won’t move on the number of available subdivision homes however the number of homes under contract fell by 10% over the last couple of weeks. 317 homes are once again listed on the MLS this week, listed at an average of $96.10 per square foot, 187 homes are currently under contract down from 210 just two weeks ago but sales did not disappoint as 78 homes sold over the last 14 days, selling at an average of $86.02 per square foot and bringing our YTD numbers now to 1,271 homes sold at an average of $86.55 per square foot. By comparison through the same time period last year, 1,163 homes had sold at an average of $77.71 per square foot so the Maricopa residential market is currently tracking up 9.3% in terms of homes sold and 11.4% in terms of the average sold price per square foot. Here’s an interesting comparison, since the first of the year 3,442 homes have sold in Chandler at an average of $147.02 per square foot, so Maricopa not only offers newer homes, newer subdivisions, and an expanding infrastructure, homes in Maricopa are selling on average for 41% less than homes just 20 minutes north.

Speaking of expanding infrastructure, there is a lot going on in Maricopa at the moment. Big 5 is building in front of Walmart with plans to open before the Holidays;
Read more

No Comments

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.
Read more

No Comments

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.
Read more

No Comments

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.
Read more

No Comments

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
Read more

No Comments

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.
Read more

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