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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.
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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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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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