Realtor: Maricopa real estate supply, demand slowing

By Brian Petersheim

In July 2019 real estate was starting to cool down. Many of the buyers in the Maricopa market have purchased their homes and moved in before school started. The market is still great for buying and selling. Even though demand is slowing, supply is also dropping. Experts agree that upward price trends will continue but slow.

 

July’s median list price in Maricopa was $239,500  (- $400 from last month)

 

July-Average price per sqft was $113 (-$3 per sqft from last month)

July-Average home days on the market was 66 (which is a 9 day increase from last month)

Homes under $200,000 averaged 56 days on the market, while more expensive homes over $300,000 averaged 82 days on the market

297  Homes currently available for sale, not under contract, looking for offers
271  Homes currently under contract (should close escrow within 45 days pending inspection, appraisal, etc.)
203 homes total sold in July 2019 (+19 over June)
34 of the sold homes had a built in private pool
$169,900  Least expensive home sold- Notes: 4 bed/2 bath  1,706sqft in Rancho El Dorado (multiple offers) 43682 W. Elm St.
$425,000 Most expensive home sold- Notes: 3 bed/3.5 bath  3,074 sqft single story in Province w/pool, casita, 2 masters and 3 car garage  42521 W. Mallard
17 Homes sold in Province (active adult community)
34 Of the sold homes were brand new/spec homes

Number of bedrooms of 203 sold homes
2 bed – 15
3 bed – 90
4 bed – 82
5 bed – 11
6 bed – 3
7+ bed – 2

Garage parking of 203 sold
2 car – 165
3 car – 38
4 car- 0

Price ranges of the 203 sold:
$150,001-175,000—- 10
$175,001-200,000—- 54
$200,001-225,000—- 49
$225,001-250,000—- 38
$251,001-275,000—- 24
$275,001-300,000—-15
$300,001-350,000—-11
$350,001-400,000—-1
$400,001+               —-1

The biggest news in Maricopa real estate in July was the opening of the model homes in the subdivision of Maricopa Meadows. The Meadows hasn’t seen construction of new homes in approximately 10 years, until last month when K.Hovnanian homes opened up their models on Miller Way, featuring six different single story floor plans and optional three- and four-car garages.

Earlier this year was the regrand opening of the Alterra subdivision with Lennar Homes and their new models and a “roll out” of several new floorplans in Palo Brea (diagonal from Ultrastar) that will feature the upgrade of an attached RV garage.

Final thoughts: The past few weeks the RE market has stayed relatively stable in terms of Sales to Inventory, however, inventory is low enough to keep us in a slight seller’s market.

Any questions about value or the market, please reach out to me.

Brian Petersheim- Realtor
Call/Text 602-206-9644