By Pat Lairson
Q: Does the Maricopa real estate market slow down in the summer?
A: Yes and no. Some people simply choose not to list their home now because of the heat and not wanting to move during this hot season. We can see a reduction in inventory. Yet, at the same time, many families like to move in the summer. The kids are out of school, and families have more time to look for homes and want to get settled before school starts again. Therefore, the summer can be a great time to buy a home.
The number of available active subdivision homes for sale on the MLS in mid-June was 386, with an average listing price of $95.45 per square foot. There were 269 homes currently under contract. From May 15 to June 15, there were 181 subdivision homes that closed in Maricopa. The average sales price was $87.12 per square foot with the average sold price of $172,608. The average number of days a home was on the market was 75.
This is the time of year when many people look for pool homes or wish they had a pool. If you want a pool and are looking for a home, it may save you money in the long run to buy a home with a completed pool rather than build. Pools usually start at around $20,000 and go up from there, depending on your design and how you complete the backyard. Keep in mind, though, that some lenders will allow you to finance your pool build into your loan terms.
From May 15 to June 15, there were 41 pool homes that closed escrow. The average sales price per square foot was $90.32, with an average sold price of $194,315. The average number of days a pool home was on the market was 57.
These numbers may not reflect all of the new build home market. From May 16 to June 15, there were more than 100 new build permits pulled, which is more than triple the average number of monthly permits in the recent past. If you are interested in a new build, remember to bring in your Realtor when visiting the new build site. Otherwise, you may not be able to have buyer representation if you proceed to buy a new home.
Overall the market is doing very well in Maricopa. Even though it is hot, it is still a great time to buy a home.
The Maricopa Real Estate Company
This column appeared in the July issue of InMaricopa.