Home inventory in city dwindles to 15-day supply

Real estate sold sign

As March ended, the number of homes for sale in the city had dwindled to a 15-day supply.

That means that at the current sales pace it would take just 15 days for housing inventory to be depleted. In a normal market, there would be a 90-day supply.

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As of Friday, there were 41 homes available – not under contract and looking for offers from prospective buyers – in the HOA subdivisions of Maricopa (since the non-HOA areas are so diverse.) Typically, there are more than 300 for sale.

There are 329 homes currently under contract that should close escrow within 45 days pending inspection, appraisal, etc.

In April 2019 there were about 425 homes for sale. In April 2020 that number had fallen to less than 300. By the end of March, there were about 145 homes.

The current shortage is a huge deal as the red-hot market for sellers in 2020 has persisted through the first quarter of 2021.

Home Inventory March 2021
Home inventory in Maricopa over the last three years. The inventory data includes homes that are “active with contingencies,” or homes that have “back-up offers.” Source: ARMLS

The 329 homes under contract had an average list price of $313,084 but an average sale price of $315,693, meaning they sold for an average increase of .83% over list price.

The following graph shows the median listing price for homes sold in Maricopa from April 2018 to March 2021. Note the moderate increase from March 2019 to March 2020 and the meteoric rise that began in April 2020. In the last year, the median listing price of a home has increased from about $243,750 to $315,750, an increase of $72,000, or 29.5%.

Median Home Price
The median list price of Maricopa homes for the past three years. Source: ARMLS

Of the 194 homes sold in March:

  • 38 had an in-ground pool.
  • The average price per square foot sold was $151.
  • The average time on market was 27 days.
  • The least expensive (non-short sale) home was a two-bedroom, two bath single-story on West Balboa Drive in Acacia Crossings. At 981 square foot, it sold for $210,000.
  • The most expensive home sold was a new build on West Laramie Road in Glennwilde. With four bedrooms and four baths, the 3,299-square-foot, semi-custom Fulton home on .30 acres and loaded with upgrades plus pool, sold for $589,900.
  • 27 sold in Province, the active adult community
  • 29 were new build/spec homes
  • The number of bedrooms broke down like this:
    2 bed – 24
    3 bed – 78
    4 bed – 66
    5 bed – 24
    6 bed – 1
    7+ bed – 1
  • The garage breakdown:
    2 car – 148
    3 car – 43
    4 car – 3
  • The price ranges were:
    $200,001-225,000 – 2
    $225,001-250,000 – 17
    $250,001-275,000 – 39
    $275,001-300,000 – 40
    $300,001-325,000 – 31
    $325,001-350,000 – 26
    $350,001-375,000 – 13
    $375,001-400,000 – 8
    $400,001-450,000 – 10
    $450,001-500,000 – 5
    Over $500,001 – 3

Bottom line: The market is strong, and homes priced competitively are selling quite often OVER asking price! Get out there and meet your new neighbor!

Any questions about value or the market, please reach out to me.

Brian Petersheim is a Maricopa resident and a Realtor with HomeSmart Success.

Call/text: 602-206-9644