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Maricopa Market Update October 15, 2016

The number of available subdivision homes in Maricopa has remained very consistent over the last 60 days with 324 homes once again listed on the MLS this week at an average of $97.86 per square foot. 208 homes are currently under contract up from 187 homes just 14 days ago, and it was an average two weeks in sales as 50 homes sold over that time period, selling at an average of $85.98 per square foot. The new build market continues to be a dominant component with 57 newly constructed homes listed this week on the MLS at an average of $121.78 per square foot. Consider that when the new builds are subtracted from the total available inventory, just 267 resale homes remain, or based on current demand that translates to less than a 60 day supply of homes.

So let’s take a brief look at how September fared and then some YTD numbers. It should be no surprise that all the market indicators are on positive trajectories. Sales of SFD homes this September was up over 13% over September 2015, the average days on market fell by over 18%, and the averages sold price of a SFD residence in Maricopa for the month of September was up just under 6% to $180,366. These trends have also been consistent throughout the year with the exception of the 13% gain in monthly sales which came in above the 9% monthly average we have been seeing throughout most of the year.

The YTD numbers are equally good. Through September of this year, sales of SFD homes in Maricopa is up 9% over 2015, the average days on market is also down 16%, and the annual average sold price of a SFD home in Maricopa now stands at $175, 897, up 6.7% over 2015’s average of $164,899. The mix of contracts for the year is as follows: 18.9% were cash purchases, 35.6% were conventional loans, 32% were FHA loan, 11.4% were VA loans, and the remaining 3% are classified as “other” meaning either seller finance or wrap type purchase. One thing to point out is the higher than usual number of conventional loans driven by the Pathway to Purchase program which is a down payment assistance program and worth a look by any serious buyer. If you would like more information on any aspect of the real estate market, call or email me anytime and have another great week.