Real estate market extends hot streak for home sellers

The month of September in Maricopa signals a change in season, but it brought little change in the real estate market going into the latter part of the year.

Overall, the market is red hot favoring home sellers. Buyers submitting full price offers are losing out. Buyers are using more unconventional means to have their offers considered in the supply-short market, including:

• Personal letter/video for the seller
• Escalation clause
• Waiving inspection/appraisal

In years past, the number of homes for sale at any given time has averaged about 300 homes. Currently, there are well under 100 homes for sale in Maricopa.

There is a possibility on the horizon for the shortage of supply and overwhelming demand to shift. November, December and January have historically been the slowest months in the valley for real estate transactions.

In the upcoming months, there may be a surge of new builds in recently dormant communities. In the Lakes at Rancho El Dorado, builders Gehan, Richmond American and Meritage will begin home construction. DR Horton will begin construction in Palo Brea. Centex Homes has purchased 300 lots in Santa Rosa Crossing and will start building.

As far as current pricing goes, the median list price of homes in Maricopa is currently $273,400, compared to $237,800 for the same time last year, a 15% increase.

Here’s a breakdown for listings in the city of Maricopa for the week of October 1, 2020. The numbers focus only on homes in HOA subdivisions, since the non-HOA areas are so diverse.

73 – Homes currently available for sale, not under contract, looking for offers

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

5 – number of available homes with a built-in private pool (which is HUGE when buyers who must have a pool are only seeing 8% of the homes available).

$200,000 – The least expensive listing available: a 3 bed / 2 bath, 1,309-square-foot home at 40845 W. Thornberry Lane in Homestead.

$539,900 – The most expensive listing available: a 3 bed / 3.5 bath waterfront home with three-car garage and many upgrades at 42397 W. Blue Suede Shoes Lane in Province.

73 – Regular/non distressed listings
0 – Short sale/pre-foreclosure
0 – Foreclosed/bank owned

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

23 – New build/spec homes (out of the 73 available)

Number of bedrooms
2 BR – 9
3 BR – 32
4 BR- 22
5 BR- 10
6 BR – 0
7+ BR – 0

Garage parking
2 car – 54
3 car – 18
4 car – 1

Price ranges:
$150,001-$175,000 – 0
$175,001-$200,000 – 1
$200,001-$225,000 – 4
$225,001-$250,000 – 10
$251,001-$275,000 – 11
$275,001-$300,000 – 21
$300,001-$350,000 – 14
$350,001-$400,000 – 6
$400,001-$450,000 – 4
$450,001+  – 2

Bottom line: The market is strong, and homes priced competitively are selling with multiple offers on the first weekend. 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

[email protected]