Realtor: Finally, a bit of good news for homebuyers

The month of October in Maricopa begins the typically quiet time of year for real estate.

The market is still red-hot for home sellers. Many homes are receiving multiple offers the first weekend they hit the market. Some buyers with a contingency to sell another home, or who offer less than list price, are losing out on homes. They are being out bid by non-contingency and above-asking-price offers.

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The biggest change in the past month is the increase in inventory. On the last day of September there were 73 homes for sale, and as of Oct. 31 there were 111 homes for sale, a 52% month-over-month increase.

That number is far less than the average 300 available homes, but it is a step in the right direction for a level market.

One of the most noticeable changes to the local Maricopa residential real estate market is the construction of model homes in Palo Brea (DR Horton) and Santa Rosa Crossings (Centex). In September, we saw builders Gehan Homes, Richmond American and Meritage begin construction in the Lakes at Rancho El Dorado. Currently, just under one third of the homes listed on the MLS is a new build.

As far as current pricing goes, the median list price of homes in Maricopa is currently $280,642. That’s an increase of about $7,000 over the median price on Sept. 30 ($273,772) and about $11,600 on Aug. 31 ($268,975).

THE INVENTORY

Here’s what was available in the city of Maricopa for the week of Nov. 1, 2020. These numbers are solely homes in HOA subdivisions, since the non-HOA areas are so diverse.

111 – Homes currently available for sale, not under contract, looking for offers
329 – Homes currently under contract (should close escrow within 45 days pending inspection, appraisal, etc.)

14 – Available homes with a built-in private pool (which is huge when a buyer must have a pool and they are only seeing 12% of the homes available)

$199,900 – Least expensive home available is a 2BR/2BA, 1,187-square-foot villa in Province (42178 W. Basie Lane)

$632,876 – Most expensive home available is a 5BR/4BA, 3,093-square-foot model home with more than $200,000 in upgrades.

111 – Regular/non-distressed listings
0 – Short sale/pre-foreclosure
0 – Foreclosed/Bank-owned

14 – Homes for sale in Province (active adult community)

31 – Homes that are new build/spec homes

Number of bedrooms (of the 111 available homes):
2 beds – 10
3 beds – 47
4 beds – 37
5 beds – 14
6 beds – 2
7+ beds – 1

Garage parking:
2 cars – 78
3 cars – 31
4+ cars – 2

Price ranges:
$150,001-175,000 – 0
$175,001-200,000 – 1
$200,001-225,000 – 2
$225,001-250,000 – 13
$251,001-275,000 – 25
$275,001-300,000 – 23
$300,001-350,000 – 30
$350,001-400,000 – 10
$400,001-450,000 – 4
$450,001+ – 3

BOTTOM LINE

For sellers: A well-priced home in this market will receive a lot of showing activity very quickly.

For buyers: Many homes are selling for listing price or above. A well-timed offer with minimal contingencies can help you get your dream home.

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

[email protected]