Expect housing market to cool off as days cool down

By Dayv Morgan

The end of summer brings with it the cooling of the Maricopa housing market.

The affordable housing in the city makes it a popular location for new families who try to plan their purchases toward the end of the school year so they can move over the summer break. Generally, things tend to slow down slightly in the fall after school starts and we get closer to the holidays.

Between October and December 2016, the median sold price decreased each month by $1,000.

2016
October: $174,000
November: $173,000
December: $172,000

Many anticipate a large demand from winter visitors or Canadians purchasing during these months. While this may be true in one local subdivision, the overall market tends to be slightly down as autumn also marks a time of year when houses take longer to sell.

Houses sat on the market for the longest amount of time last year during December at an average of nearly 82 days. October came in second at almost 80 days.

The number of listings that went under contract in 2016 was lowest in December and highest in March.

Province is often the exception to the trends. The retirement community is usually slow in the summer, but sees an uptick in activity in the fall when winter visitors make their way into the city.

Province homes under contract by month in 2016:
July: 5
August: 6
September: 8
October: 10
November: 20

Dayv Morgan, HomeSmart Success, 844-811-7653, [email protected]

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This column appears in the October issue of InMaricopa.