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Maricopa Market Update October 31, 2015

Another week and another slight uptick in the number available subdivision homes with 335 homes now listed on the MLS at an average of $94.18 per square foot, a listing average of which just continues to rise. 184 homes are currently under contract down from 190 the week prior and it was a decent week in sales as 26 homes sold over the last seven days, selling at an average of $81.93 per square foot and bringing our YTD numbers now to 1,271 homes sold at an average of $77.80 per square foot. Earlier in the year I felt that the average sold price per square foot would reach $80 by the year’s end but values have leveled off and demand remains just a bit soft so I think we will close the year out under the $80 mark. For the year the Maricopa market remains 10.3% up in terms of homes sold, and 3.8% up in terms of the average sold price per square foot. Interesting though is that while the YTD market is up over 10% in sales, October 2015 is down 11.5% in sales from October 2014, the first month over month decline of the year. 135 homes sold this time last year for the month of October versus 121 homes this year. Let’s take a quick look a the mix of inventory sold; 44% of YTD sales were homes sold at $150,000 or less; 37% were homes sold between $150,000 and $200,000; 15% were homes sold between $200,000 and $250,000; and just 4% of all YTD sales were homes priced over $250,000. Remember that currently 83% of all buyers are using financing to purchase their home and of those, over 50% are using either an FHA or VA loan, so these are primary residence buyers and many of them are boomerang buyers (folks who previously went through either a short sale or foreclosure), and as the data suggests, many of these buyers are preferring to enter back into the market at a modest price point.
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Maricopa Market Update October 24, 2015

Inching up. The number of listings are slowly rising with 329 subdivision homes on the MLS this week, up from 314 the week prior, and listed at an average of 93.76 per square foot which incidentally is the highest listing average in the last 8 years. 190 homes are currently under contract and it was an off week in sales as just 19 homes sold over the last 7 days, selling on average for $78.55 per square foot and bringing our YTD numbers now to 1,247 homes sold at an average of $77.72 per square foot. For the year, the Maricopa market is tracking at just under a 12% increase in terms of sales and at a 3.8% increase in terms of average sold price per square foot.

So let’s take a look at a few of the sub markets within the broader market of Maricopa. In terms of distressed homes, ie; short sales, bank owned and HUD homes. Surprisingly, there are just 16 of these homes currently available listed at an average of $72.30 per square foot. 35 of these properties are currently under contract, and 119 distressed homes have sold since the first of the year, which is 9.5% of the total YTD sales and selling at an average of $63.96 per square foot
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Maricopa Market Notes October 17, 2015

The number of available subdivision homes has topped 300 for the first time in almost 90 days with 314 homes now listed on the MLS at an average of $92.25 per square foot. 188 homes are currently under contract, and 56 homes have sold over the last 14 days, selling on average for $76.89 per square foot, and bringing our YTD numbers now to 1,224 homes sold at an average of $77.65 per square foot. The disparity between the average list price and sold price per square foot has been widening and the gap is wider now than it has been all year, at nearly 20%. This means that buyers are typically submitting offers lower than list and sellers are coming off of their price, ie; a buyers market.
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Market Notes – Oct 3, 2015

Market Notes October 3, 2015: 295 subdivision homes are once again available on the MLS listed at an average of $90.64 per square foot, and that number of available homes has been hovering just under the 300 mark now for the last couple of months, which has made me realize that with the increase in the number of available homes in Province and the lower number of homes in the other subdivisions of Maricopa, the housing data may be just a bit skewed.
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Market Notes – Sept 26, 2015

Market Notes September 26, 2015: The number of subdivision homes available remains below 300 for the fourth consecutive week with 295 homes actively listed this week on the MLS at an average of $89.24 per square foot. 196 homes are currently under contract, down from 205 the week prior and it was another good week in sales as 39 homes sold over the last seven days, selling on average for $80.37 per square foot and bringing our YTD numbers now to 1,140 homes sold at an average of $77.63 per square foot.
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Market Notes – Sept 19, 2015

Market Notes September 19, 2015: The market is stuck in neutral. 298 subdivision homes are once again listed on the MLS at an average of $89.51 per square foot. 205 homes are currently under contract, down from 209 the week prior and 30 homes sold over the last 7 days, selling on average for $83.32 per square foot and bringing our YTD numbers now to 1,099 homes sold at an average of $77.48 per square foot. Considering the current listing average and the last two weeks in sales, it’s possible that our sold average price per square foot could top the $80 mark by the end of the year. We remain 12% ahead of last year in terms of sales and 2.8% ahead of last year in terms of the average sold price per square foot, both measure of which are in good territory.
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Market Notes – Sept 12, 2015

Market Notes September 12, 2015: The number of available homes fell under the 300 mark once again with 294 subdivision homes now actively listed on the MLS at an average of $88.46 per square foot. And those who follow the market will realize that that listed average has been creeping up all year, as we began the year with an average of just under $80. Homes currently under contract now stand at 208 up from 195 the week prior and it was a slow week in sales as just 12 homes closed escrow over the last 7 days, closing on average for $77.27 per square foot.

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Market Notes – Sept 5, 2015

Maricopa Residential Real Estate Update, September 5, 2015: The number of available homes inched up for the first time in the last 4 weeks with 304 subdivision homes now actively listed on the MLS at an average of $87.37 per square foot. 195 homes are currently under contract, down from 218 the week prior and it was a huge week in sales as 51 homes closed escrow over the last 7 days, selling at an average of $76.48 per square foot and bringing our YTD numbers now to 1,057 homes sold, selling at an average of $77.23 per square foot. One aspect of the market we haven’t looked at lately is the distressed market, which still stands at just about 9% of the total. 27 distressed properties are currently available on the MLS listed at an average of $70.89 per square foot.

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Market Notes – August 29, 2015

Market Notes August 29, 2015: Another week, another slight drop in the number of available homes. Just 287 subdivision homes are currently available on the MLS, listed at an average of $87.43 per square foot. 218 homes are currently under contract, and it was a decent week in sales as 32 homes sold at an average of $82.77 per square foot, bringing our YTD numbers now to 1,005 homes sold at an average of $77.14 per square foot. Note the $82.77 per square foot closing average last week – that is just the second time this year and for that matter, just the second time in the last 8 years that the selling average has been that strong. Values are creeping up albeit at a much slower pace.

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Market Notes – August 22, 2015

Market Notes August 22, 2015: Could we be headed towards a shortage of inventory? Quite possibly. Just 290 subdivision homes are currently available on the MLS, listed at an average of $87.91 per square foot. Out of those 290 homes, 49 are new builds, and 40 are distressed homes, meaning either a short sale or bank owned home, so just 200 traditional resale homes are available, easily the lowest number of available resale homes in the last 5 years. 225 homes are currently under contract, down from 235 the week prior, and it was a strong week in sales as 39 homes sold, selling on average for $74.78 per square foot and bringing our YTD numbers now to 974 homes sold at an average of $76.96 per square foot.

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