If you sold a resale house in Maricopa this year, you probably waited about 100 days to find a buyer.
That, at least, was the average time on market for resale, according to Arizona’s Multiple Listing Service, the entity used most frequently by Realtors to list and sell houses.
The days on market is more than twice normal for the Greater Phoenix area, which is in the throes of a real estate downturn – or at the very least, a plateau – since prices skyrocketed nearly 50 percent from 2004 to 2005. Arizona was a national leader in price appreciation, and now it’s one of the most oft-cited regions where expects predict that prices will decline.
Part of the problem is competition. Builders have been dropping prices also, and new homes (with no upgrades) are being advertised for as low as under $130,000. The least expensive new home of a similar size to those resales is a 2,179 square foot D.R. Horton home in Senita Villages, which is up for $155,900 – again without the upgrades. Some builders also offer powerful incentives such as a free pool or similar upgrades, and occasional special deals like Pulte’s 10 percent off for specific, brief sale periods.
By the way, the cheapest house listing in Maricopa is a 729 square foot one-bedroom on North Primrose Lane that’s offered at $45,000 (see photo). A Taj Majal it isn’t, but it comes with abut two-thirds of an acre. The most expensive house listed is more accurately a land play, with a 1,680 square foot Cavco manufactured house sitting on about 20 acres. They’re asking $1.5 million for that.
Where do you think the Maricopa housing market is headed? Add your comment below.