What a year 2019 was for Maricopa: a new overpass changing the way we all move around town, new businesses and new neighbors as developers build out the subdivisions. And if you think 2019 was good, wait until you see 2020. The newly passed USMCA agreement with Canada and Mexico will open up new corridors of economic expansion encouraging more commercial development in central Arizona, so the short-term future is very bright for our little city of Maricopa.
As of this week 267 SFR (single family residence) homes are available on the MLS in Maricopa listed at an average of $120.38 per square foot, 212 homes are currently under contract and since the first of year 1,933 homes have sold, selling at an average of $112.44 per square foot. By comparison, through the same time period last year 1,798 homes had sold at an average of $102.93 per square foot so the Maricopa residential market is up 7.5% in homes sold and up 9.2% in terms of value.
Keep in mind these are broad market percentages so for a more specific value for your home please consult a local Realtor. Protect your equity, you earned it.
New-build homes have had a large impact on the market this year and that will continue through next year as developers build out the subdivisions. The city has issued 953 new-build permits this year which is just short of last years total of 993 permits issued, and with the year coming to a close we most likely will not reach last years number.
Since 2017 however, 2,735 new-build permits have been issued rivaling the days leading up to the 2007 crash although unlike 2007, this is not an economy built on inflated housing. This expansion is built on a more solid national economy driven by energy exports, lower regulations, manufacturing expansion and more favorable trade deals. The new Lucid Motors expansion in Casa Grande is just the leading edge of what promises to be a very exciting decade to come.
I want to wish everyone a Merry Christmas and another safe and prosperous New Year.