Anderson Farms construction — On May 10, two construction workers apply stucco to the exterior of a new model home at Anderson Farms, a development for residential homes. [Bryan Mordt]

Realtor: April home prices down, inventory up

May 15, 2023

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The average price of homes sold in the city of Maricopa in April was $358,130, according to the Arizona Regional Multiple Listing Service.

As of May 1, there were 426 homes for sale in the city, which is among the highest I’ve seen since I started tracking. Monthly inventory averages in years past hovered around 300-350 homes, but as more homes are built in Maricopa, that number will continue to increase.

There are 312 homes under contract. (See April 2023 graphic at bottom of story.)

On a micro-trend level, in the past couple of months, the number of active homes for sale has decreased in Maricopa, which is a tightening of supply. However, bear in mind local inventory has been at record-high levels since July.

I wanted to do a little snapshot of the current Maricopa real estate market versus the market of one and two years ago:

In a nutshell, the inventory of homes for sale has been slightly decreasing from the peak of October 2022, but inventory is still high looking at years gone by. Sales prices in the past few months have dropped a bit, but if the inventory continues to shrink, prices should start to trend up again.