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Maricopa Market Update January 28, 2017

The number of available subdivision homes does not move much again this week as 305 homes are once again active on the MLS, listed at an average of $98.44 per square foot. 170 homes are currently under contract pending close of escrow and since the first of the year 83 homes have sold, selling at an average of $85.27 per square foot. By comparison through the same time period last year just 69 homes had sold selling at an average of $84.82 per square foot. Historically, January has most always been the slowest month of the year. January 2015 saw just 83 subdivision home sales, which sold back then at an average of $76.49 per square foot, and January 2016 saw just 90 subdivision homes sell for the month, selling at an average of $86.90 per square foot. Contrast that with the strongest month of the year last year, which was June with 183 home sales at an average of $86.67.

So let’s take a quick look at four categories of homes in terms of current availability and sell through over the last 6 months to get a sense of supply. The four categories will be single stories with and without pools, and two stories with and without pools. Single story homes with pools – currently 19 homes available listed at an average of $117.30 per square foot, 21 homes are currently under contract, and 73 single story homes with pools have sold in the last 6 months, selling at an average of $104.75 per square foot. Based on the current demand there is less than a 30 day supply of these homes.

Single story homes without pools – currently 169 homes available listed at an average of $111.79 per square foot* (*this number is skewed by the number of new build homes in the area, particularly in Province), 82 homes are currently under contract, and 423 single story homes without pools have sold in the last 6 months selling at an average of $97.30 per square foot. Based on current demand there is approximately 70 day supply.

Two story homes with pools – currently 23 homes available listed at an average of $85.10 per square foot, 16 homes currently under contract, and 73 homes have sold over the last 6 months at an average of $80.41 per square foot. Based on current demand there is approximately 50 day supply of homes. And finally two story homes without pools – currently 95 homes available listed at an average of $74.15 per square foot, 49 homes are currently under contract, and 242 homes have sold over the last 6 months at an average of $69.12 per square foot. Based on current demand there is approximately 60 day supply. If you would like more specific market information, call or email me anytime and have another great week.