April 2022 market snapshot: Home inventory still lagging

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Maricopa real estate market inventory continues to make buyers fret and sellers smile.

Sellers will be happy to know the average sales price of the 249 homes sold last month in Maricopa was a whopping $421,300, according to data from the Arizona Regional Multiple Listing Service. About 9% of those homes sold for $500,000 dollars or more and just four homes sold for less than $325,000.

Unfortunately, for buyers, the number of homes currently on the market in the city remains one of the lower inventories seen since I started tracking monthly sales in 2015. Still, the inventory has grown significantly since last summer.

As of May 1, there were 229 homes currently for sale in the city of Maricopa. There are currently 404 homes in Maricopa under contract, in the escrow process.

Pre-pandemic, normal monthly inventory averages hovered around 300-325 homes for sale.

It’s not just Maricopa feeling the shortage of inventory. I have been in touch daily with agents throughout the Valley, who say they are experiencing a similar shortage of homes in the rest of the Phoenix Metro area.

Homes priced within market parameters are typically receiving offers within the first week, and many of those offers are written by real estate investment trusts (REIT). Many agents and owners are listing homes at inflated prices, then deciding to drop the price due to either:

• Appraisals coming in below the contract price
• Offers not coming in as quickly as expected

Here’s a snapshot of the current Maricopa real estate market versus 10 months ago:

April 2022 July 2021
No. of homes for sale 229 132
Avg. sale price $421,300 $351,757
Avg. price per square foot $204 $177
Avg. days on market 37 24

 

In Maricopa, 249 homes were sold in April:
58 had a private pool.
22 were in Province (active adult community)
44 were new build/spec homes

Breakdown of the homes that sold last month:

$270,000 – Least expensive home: 2 bed/2bath, 1,208-square-foot villa at 42469 W. Jawbreaker Drive, Province.
$642,000 – Most expensive home: 6 bed/3 bath, 4,379-square-foot, two-story home with pool and numerous upgrades at 44558 W. Venture Lane, Cobblestone Farms. (Home originally listed at $687,000 but sold for $642,000.)

Here’s a closer look at those 249 homes sold in April:

Number of bedrooms
2 beds – 18 (mostly in Province)
3 beds – 104
4 beds – 96
5 beds – 29
6 beds – 2
7+ beds – 0

Garage parking:
2 car – 197
3 car – 51
4 car – 1

Price ranges:
$225,001-250,000 – 0
$250,001-275,000 – 1
$275,001-300,000 – 0
$300,001-325,000 – 3
$325,001-350,000 – 14
$350,001-375,000 – 41
$375,001-400,000 – 47
$400,001-425,000 – 52
$425,001-450,000 – 30
$450,001-475,000 – 21
$475,001-500,000 – 18
$500,001-550,000 – 8
$550,001-600,000 – 12
$600,000-plus – 2

Bottom line: The market is strong, and homes priced competitively are selling quickly. Get out there and meet your new neighbor!

Please consult a local real estate professional for help buying or selling a home.

Brian Petersheim is a Realtor with Homesmart Success and can be reached at 602-206-9644 or email BrianPetersheim@gmail.com.
www.MaricopaNewHomes.Net