The spring housing market in Maricopa is usually characterized by a surge in activity, quicker sales, and growing optimism. This year, however, things have been more subdued.

From Jan. 1 through early June, Maricopa’s active listings rose from 552 homes to 673, roughly a 22% increase. By comparison, in the same period Casa Grande climbed from 332 to 404 (22%), Buckeye moved from 691 to 867 (25%), Phoenix leapt from 2,053 to 2,888 (40%), and Chandler grew from 344 to 583 (69%).

For the most part, final sale prices this year have been stable. In early January 2025, single-family homes in Maricopa were closing at about $380,000. Through June 5th that figure was down slightly to $374,000 — roughly a 1.6% dip. Casa Grande saw a mild uptick over the same period, climbing from $357,000 to $364,000 (up 2%). Buckeye’s average sale price rose from $475,000 to $481,000 (1.3%), and Chandler edged up from $663,000 to $687,000 (3.6%). In stark contrast, Phoenix housing cooled more noticeably — January’s $694,000 average fell to $611,000 by June (nearly 12%).

In addition to the high supply of homes, short sales and pre-foreclosures are starting to put some downward pressure on pricing. The highest average sales price on record for Maricopa was recorded in June of 2022 at $435,000. Today, the average price is around $374,000, a decrease of about 14% over the last 3 years. This means that anyone who bought a home in 2022 is most likely underwater on their mortgage. So far this year, 28 homes have been listed with this status, although it’s far less than the 1,400 short sales and pre-foreclosures that were listed in the recession year of 2010.

New construction represents about one-third of the active inventory, with some builders offering mortgage interest rates as low as 3 to 4%, making it tough for individual sellers to compete. With 30-year mortgage interest rates hanging around 7%, most resale homes are taking 90 days to sell.

All of these factors are giving more power to buyers, who are negotiating price discounts and seller concessions. As of the end of May, 7 in 10 of all closings included concessions, with a median amount of $11,000, and the average home sold for 96.1% of the original list price.

Dayv Morgan is a Maricopa realtor and owner of HomeSmart Premier.

480-251-4231
[email protected]
Sponsored content