The number of active listings continues to struggle to keep up with current demand and the number of new-build permits still lag behind last year as the pandemic continues to impact the market. But the good news is buyer demand has not let up.
As of this writing just 88 SFD homes are available in Maricopa, 273 homes are currently under contract and in the last six months, 1,081 SFD homes have sold, selling at an average of $122.59 per square foot. However, despite the lack of available homes, YTD sales are on the slight uptick with 1,247 subdivision homes sold this year versus 1,234 homes sold last year over the same time period. Values are also up by 9% with the selling average this year right at $121.62 versus last year’s selling average of $111.37.
New-build permits continue to lag slightly behind last year, but not by much. So far, 602 permits have been issued this year versus 713 permits issued over the same time period last year, so it’s interesting to note that despite a shortage of available homes, sales are outpacing last year and consumer confidence remains high in Maricopa.
Another interesting aspect of the current market is the diminishing presence of the IBuyers, notably OfferPad and OpenDoor. Home purchases of these two companies are down 73% and 93% respectively, meaning home owners are more and more reluctant to sell their home at a discount to these companies, particularly in such a strong sellers market like the current one, and consequently home sales for these companies are also down 32% and 54% respectively.
The IBuyer concept is strictly convenience for the seller. Home owners can pick their close date and will never be bothered by potential buyers walking through their home, but that convenience comes at a cost. IBuyer companies offer the convenience, but real estate agents offer value, service and more importantly a stronger bottom line. Like everything in life, anything worthwhile requires a little work, so consult with a local Realtor, scrutinize the comparable homes, and put the effort in to maximize your equity potential. You’ll be glad you did.
Have another great week.