We all know that there are a lot of new homes being built all across the Valley. In Maricopa, we thought that June was a record breaker with 114 single family home permits issued. This was the highest single month since May 2008. The real record breaker happened though in the month of July! There were 150 single family resident permits issued in the city of Maricopa in July alone. The last time this many permits were issued in a month, was in October 2007.
Clearly there is a housing boom happening. The average new-home builder is taking eight months from start to finish because many of the trades that are building the homes are short staffed. Framers and drywall installers seem to be the two trades where a shortage of workers is experienced. Also city inspections need to happen at different phases of the build. With so many homes going up, permits and inspections can take a bit longer.
So who is moving to our great state of Arizona? According to the Cromford Report, the top five states for residents moving to Arizona in 2018 and the first half of 2019 combined are as follows: 1. California 2. Washington 3. Colorado 4. Illinois 5. Minnesota. I have helped some of these new transplants buy homes across the Valley and the most common reason I hear for making this move to Arizona are cost of living, weather and politics.
Like it or not, more people are moving to Arizona. Our economy is booming too, with many new companies coming in and an increase in job opportunities. How does all this effect the resale market?
The resale market is booming too. There is about a 60-day supply of homes on the market in Maricopa right now. Even though there are 275 single family dwellings available on the MLS today, 70 of those are new or to-be-completed homes, which means there are only 207 resale homes available for purchase today in an HOA subdivision. The lowest priced home is $169,500. So far in 2019 1,244 homes have been sold at an average of $111.33 per square foot. If you want to sell your home in 2019, now is a great time to list your home before the holidays are here. Please contact me with any questions or comments.
Pat Lairson is a Realtor with The Maricopa Real Estate Company. Contact her at 520-280-5862 or Patlairsonrealtor@gmail.com.