By Pat Lairson
Historically in real estate, the beginning of the year starts out slow with a steady pace of listings coming on the market by mid January and increasing as the new year gets started. That is not the case this year.
2017 has started with a bang, with not much of a holiday slowdown, and many new homes coming on the market from the start of the year. Our inventory is actually still low even though many new listings are coming on daily. We currently have 292 single family dwellings available for sale in an HOA subdivision in Maricopa. Out of this number, 59 of these homes are for sale in Province, the 55+ subdivision. This leaves just 233 non-age-restricted homes available for sale.
From Dec. 15 to Jan. 15, 140 homes closed escrow. The previous year for the same time period there were 99 homes sold. This represents about a 40 percent increase in sales from the previous year. So not only are more listings coming on the market, but more sales are occurring, too.
One of the factors fueling the increase in sales is the Pathway to Purchase Program (P2P). This is one of two no-down-payment assistance programs available for Maricopa. Funding for this program is provided by the U.S. Department of the Treasury.
P2P had a $48 million commitment of grant monies available to 17 Arizona cities. Right now, the allocated funds are expected to be depleted by late February or early March. There is a chance these funds may be replenished but we won’t know until the end date gets closer.
One thing is for certain, the real estate market in Maricopa is on the rise. Even though interest rates have increased slightly, consumer confidence is high. If you have been thinking about selling your home, it very well could be a perfect time.
Pat Lairson, Realtor
This column appears in the February issue of InMaricopa.