This has been an interesting year to say the least, but despite all the chaos and uncertainty, the Maricopa residential real estate market has not skipped a beat. The only problem has been a shortage of available homes for buyers to choose from and that problem continues today.
As of this week there are just 98 residential subdivision homes to choose from, and that includes new-builds. Considering that 329 subdivision homes have gone under contract in the last 40 days, the available inventory is less than a two-week supply based on current demand.
The number of homes sold is also outpacing last year with 1,970 subdivision homes sold YTD, selling at an average of $127.07 per square foot. By comparison, 1,925 homes sold in all of 2019 selling at an average of $112.36 per square foot and in 2018, 1,793 homes sold at an average of $102.91 per square foot.
The current average sold price in Maricopa is $282,913 and the average days on market is 29. New Build developers have also been very active this year in all subdivisions. SFR (single family residence) permits issued so far this year total 1,389 which is a 40% increase over the 987 permits issued in all of 2019. The 2020 market has been a seller’s market all throughout the year and I expect that to continue well into 2021. So if you have considered selling … now would be a good time.
The growth in Maricopa is fun to watch and things are changing daily if not hourly. If you want to keep track of the development, the city’s website has a new page called What’s New Maricopa, and if you haven’t checked it out, I encourage you to do so. There you will find an interactive map with all the past, current and future development happening all over our little town. It’s a great way to keep informed and I want to commend the city for their tireless work moving this community forward.
Now, 2021 will be another exciting year in Maricopa as development continues and new neighbors move in, but before then take time to enjoy your friends and family this Christmas. If 2020 proved one thing, it is that life can change quickly, so take a moment and appreciate those around you and never take them for granted. From all of us at the Maricopa Real Estate Company, we wish you and yours a very Merry Christmas and a healthy and prosperous New Year. Have another great week.