By Dayv Morgan
The end of summer typically brings with it the sluggishness of the Maricopa housing market for the cooler months. Last year, for instance, the median price for a closed/sold home was $190,000 in September and stayed the same in December.
You can also expect fewer homes going under contract when the market is flat.
In 2017, Maricopa had 157 homes that went under contract in October. That dropped to 134 in November and then 106 in December, according to Multiple Listing Service (MLS).
As sales slow, the number of homes on the market increases. That coincides with an increase in active homes in the Maricopa market during the fall months.
2017 Active Homes
The market is expected to behave the same way this autumn, too. Though a stagnant housing market is often a buyer’s market, families looking for new homes usually search toward the end of the school year, so they can move over the summer.
And while October is “snowbird” season and visitors from the Midwest and Northeast return, Canadians do not seem to be having the same impact on the housing market as they once did. Canadian ownership is now under 5 percent, according to Empire West Title Company.
The exception to the flat fall market is Province, which is expected to see an upswing in activity, as they do get a lot of buyers who are in Maricopa only during the cooler months. Meritage Homes at Province is ramping up its spec homes. It has 14 completed and available specs right now, nine more were started in September and 22 spec homes are scheduled to start by the end of November.
Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Success.
This column appears in the October issue of InMaricopa.