By Dayv Morgan
To say the least, 2018 was a good year for housing in Maricopa. Prices went up, availability tightened a bit and 101 more houses sold compared to the year before.
Meanwhile, house construction continued at a rapid rate, proving builders are bullish on Maricopa. The month of May was particularly hot, with 106 building permits filed. Year-over-year, building permits increased 34 percent.
The number of active listings stayed fairly consistent, as did the average number of days on the market, which is slightly above the Valley average. The average selling price in Maricopa by year’s end had increased to $214,000, still well below the Valley average of $235,200, which might explain the continued housing demand in Maricopa.
While the number of homes for sale was shrinking, it was even more difficult to find a house to rent in Maricopa, and rents climbed to an average of $1,300.
The nationwide shortages in construction supplies and labor were felt in Maricopa and may contribute to higher home prices when houses currently under construction go on the market in 2019. Mortgage rates also went up during 2018, putting more pressure on buyers.
For the most part, 2018 was a seller’s market in Maricopa. That will likely continue in 2019. Potential homebuyers are expected to enter the market by spring to get ahead of rising prices.
Jan. 1, 2018 Dec. 1, 2018
Median sold price $190,000 $212,000
Average sold price $204,000 $214,000
Ratio of original list price to sold price 97.7% 97.4%
Active Listings 428 406
Average days on market 60 66
Homes sold in first 11 months 1,805 1,906
Single-family house building permits in first 11 months 708 951
Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Success.
This column appears in the January issue of InMaricopa.