By Pat Lairson
The city of Maricopa is certainly on the map for many homebuyers as an affordable, safe and attractive place to live. For these reasons, and as prices go up all over the Valley, there is increased demand for houses in Maricopa.
Median price 2017 – $193,416, 2016 – $176,041
HOA homes sold 2017 – 1,080, 2016 – 1,061
In terms of number of houses sold and average sold price, 2017 has already proven to be a great year for Maricopa real estate. Here are some current numbers to educate you on the Maricopa real estate market.
Looking at the first 6 months of 2017, the median price of homes sold is already an average of 9 percent higher than last year. The current median price of a home sold during this time period was $193,416, compared to last year with a median price of $176,041. The number of homes sold in 2017 through July, is about 1,080 single-family dwellings in an HOA subdivision.
Inventory is holding at about a 60-day supply of homes, which is considered somewhat low. New-builds are not always included in these figures, as only spec homes are usually added to the Multiple Listing Service. There has been a substantial growth with new builders continuing to build and buying up empty lots in various subdivisions. Fulton for example will be building approximately 400 new homes in Glennwilde, while DR Horton covers the remaining empty lots in that subdivision.
The rental market is going up, too. Inventory has held steady at just under 30 rental homes available at any given time in 2017. The average rental price is $1,180 a month.Many homes are getting multiple applications. There is still a loan program available that can help renters become homeowners by offering a no-down-payment assistance option.This is helping renters with good credit but limited funds become homeowners in this competitive rental market.
The real estate forecast from many real estate sources for 2018 is still very positive.Home prices are predicted to rise at a steady but reasonable pace. Interest rates maycontinue to rise but at a modest pace as well. The demand for housing is predicted tocontinue in the Phoenix area overall, according to the Home Buying Institute.
Maricopa has some wonderful, new, commercial industry coming to help support the residential needs, too. As long as supply remains steady, we should see a year very much like 2017.
Pat Lairson is a Realtor with Maricopa Real Estate Company. She can be reached at 520-280-5862 or PatLairsonRealtor@gmail.com.