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Maricopa Market Update November 12, 2016

Once again 322 subdivision homes are listed on the MLS in Maricopa, a number of which that has been remarkably consistent over the last 120 days, and those homes are listed at an average of $96.47 per square foot. 194 homes are currently under contract and sales remain steady as 56 homes sold over the last 14 days, selling at an average of $88.18 per square foot and bringing our YTD numbers now to 1,446 subdivision homes sold at an average of $86.93 per square foot. By comparison through the same time period last year 1,316 homes had sold at an average of $77.93 per square foot so the residential market in Maricopa is currently tracking up 10% in terms of sales and 11.5% up in terms of the average sold price per square foot.

So let’s take a brief look at how October performed and then a quick look at the sales trends over the 6 months. Sales of SFD homes in October were up over 11% from last October with 139 SFD homes selling versus 125 in October 2015. Amazingly in October the average price of a SFD home rose over 15% to $190.160 from last October’s average of $164,878, but of course this monthly average is skewed by the number of higher priced homes sold in October. The YTD average sold price for SFD home in Maricopa is currently $177,270. The mix of buyers has also been consistent throughout most of the year as well and that trend continued in October. 19% of purchases were cash, 36% of all buyers used a convention loan, 32% used an FHA loan, and nearly 12% used a VA loan. I will note that conventional loan purchases are a little higher than their historical average due to the Pathway to Purchase down payment assistance program. Regarding trends, here are the last 6 months of SFD home sales in Maricopa; April 156; May 153; June 183; July 165; August 164; & September 138. And terms of Quarterly sales for 2016, 350 homes sold in the Q1 2016, 492 homes sold in Q2 2016, and 467 homes sold in Q3 2016. Keep in mind, January and February were very slow months as only 90 homes and 99 homes respectively sold in the first two months of the year, so the market rebounded well in Q2 and is currently tracking up 10% YTD.

I hope this market information helps you with some decision making and if you would like any more detailed information, call or email me any time. Have another great week.