Maricopa Real estate supply down by 50%

By Brian Petersheim

Maricopa Real estate market inventory drying up while sellers sit in the driver’s seat.

The number of homes currently for sale in the city of Maricopa is as low as I have seen it since I have started tracking monthly sales in 2015.

As of today March 4th 2020, there are only 165 homes currently for sale in the city of Maricopa. The 165 homes are only the homes not currently under a contract and looking for offers.

Normal monthly inventory averages around 300-325 homes available.

It’s not just Maricopa that is feeling the tightening of local inventory. I have been keeping in touch with agents throughout the Valley daily, and they are experiencing the same issues in the rest of the Phoenix Metro area.

I am hearing many stories of homes being listed on the MLS on a Friday, and by Sunday evening, there are multiple offers. Some of those buyers are even waiving and inspection or appraisal contingency to get their offer accepted, which was more common in the booming real estate market of 2005/2006.

 Feb 2020        Feb 2019

# of homes for sale                            165                    378

Average sale price in                   $234,695          $221,146

Average price per sqft                     $117                   $107

Average days on the market             57                       63

 

These are the numbers for the city of Maricopa for the month of FEBRUARY 2020

These numbers only focus on the homes in HOA’ed subdivisions, since the non HOA areas are so diverse.

165 Homes currently available for sale, not under contract, looking for offers

269 Homes currently under contract (should close escrow within 45 days pending inspection, appraisal, etc)

 

In FEBRUARY 2019

29 of the sold homes had a built in private pool.

$170,000 Least expensive home sold Feb 2020- Notes: 3 bed/2bath 1393sqft in Tortosa 35710 N Velasquez

 

$430,000 Most expensive home sold Feb 2020- Notes: 5bed/4bath 4270sqft home on the lake, with dock and pool. Loaded with upgrades! 40938 N. Chambers in the Lakes @ Rancho El Dorado

9 Homes sold in Province (active adult community)

35 Of the sold homes were new build/spec homes

 

Number of bedrooms- 165 sold homes

2 bed-5

3 bed- 77

4 bed- 63

5 bed- 18

6 bed- 2

7+ bed- 0

 

Garage parking: of the 165 sold

2 car- 141

3 car- 22

4 car- 2

 

Price ranges of the 165 sold:

$150,001-175,000—- 3

$175,001-200,000—- 27

$200,001-225,000—- 57

$225,001-250,000—- 32

$251,001-275,000—- 24

$275,001-300,000—- 11

$300,001-350,000—- 6

$350,001-400,000—- 3

$400,001+ —- 2

Bottom line: The market is strong, and homes that are priced competitively are selling very quickly. Get out there and meet your new neighbor! Please consult a local Real Estate professional for help buying or selling a home.

Please consult a local Real Estate professional for help buying or selling a home.

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Brian Petersheim
HomeSmart Realty
602-206-9644
MaricopaNewHomes.Net
CanadiansInArizona.net