Maricopa Residential Market Update November 26, 2016: Well first of all I want to take this moment and wish all of you a Happy Thanksgiving weekend. I hope you enjoyed time with friends and family and had some well deserved time off. I also want to take a moment and thank all of our clients with The Maricopa Real Estate Company. Our mission everyday is to help our clients advance their economic interests through real estate investments and often times a personal friendship is a result of that process and of course that is always the best outcome so to all of you – thank you.
The Maricopa residential market has been remarkably consistent over the last 5 months with less than 10% deviance in most market measures. Once again, 305 subdivision homes are currently available on the MLS listed at an average of $98.99 per square foot. 203 homes are currently under contract and 51 homes sold over the last 14 days, selling at an average of $86.39 per square foot bringing our YTD numbers now to 1,494 subdivision homes sold at an average of $86.89 per square foot. By comparison through the same time period last year, 1,371 homes sold at an average of $78.19 per square foot, so the market is currently trending up 9% in terms of sales and 11% in terms of the average sold price per square foot. New build homes continue to be a dominant factor and currently represent 18% of all available subdivision homes with 54 new build spec homes listed on the MLS and they definitely influence the current average list price per square foot. In fact when new builds are subtracted from the total, the average list price per square foot of available homes drops to $94.14, a 5%+ reduction. In terms of sales, just over 8% of all subdivision homes sold YTD are new build homes selling at an average of $107.11 per square foot, which is a 13.7% increase from the current resale closing average so it’s not hard to see that the economic value is still found in the resale homes, but new builds also offer some advantages and to complicate matters, there are still some distressed properties available. If you would like help navigating this wide ranging market, call or email any time and have another great week.