Realtor: Home prices expensive, but only by Maricopa standards

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Santa Rosa Crossing Construction
New homes are going up quickly in Santa Rosa Crossing. Photo by Bob McGovern
Brian Petersheim Maricopa Realtor
Brian Petersheim is a Realtor in Maricopa.

The average price-per-square-foot of Maricopa homes sold in the summer of 2021 is more than four times the same period a decade earlier. Yet Maricopa is still very affordable compared to other Valley communities.

Although Maricopa was incorporated in 2003, by the year 2006 most of the homes sold were new builds, as most of the resale homes had only been lived in for a few years.

In 2007, the prices began to drop, as those that received subprime mortgages in 2004-2007 were affected by a change in interest rates and were unable to refinance their homes.
Many builders stopped construction since the homes cost more to build than they could sell them for in 2009-2013.

After a five-year building hiatus, the lending community tightened the qualifications and credit scores for a home purchase and removed the subprime loans in hopes a homebuyer having a bigger stake in their own financing would prevent another crash as bad as 2009-2011.

Fast-forward to the positive trend we have been seeing. The Phoenix metro area is on everyone’s radar! The Valley is growing, new businesses are coming and many new tech companies are calling Arizona home. More people are moving to the Valley than away from it.

With our great weather, lack of natural disasters and affordability, our state and our city has a lot of offer.

Even with a current all-time high of $177 per square foot for a home in Maricopa, our city is one of the most affordable in the entire Valley.

Just for comparisons:
Chandler: $256
Gilbert: $254
Phoenix: $270
Mesa: $243
Queen Creek: $253
Casa Grande: $188

Bottom line is the real estate market is still hot, and it seems no matter when you bought your home, you should have positive equity in it.

Chart
This chart, provided by Realtor Brian Petersheim, shows how the average price per square foot for Maricopa homes has changed since 2006.

 

Brian Petersheim is a Realtor with Homesmart Success. He can be reached at 602-206-9644, BrianPetersheim@gmail.com and www.MaricopaNewHomes.net.