The desert temperatures are heating up and the Arizona economy is beginning to open back up. But funny enough, the residential real estate market in Maricopa never really took any time off. Buyer demand is still outpacing the supply of homes and as a consequence many sellers are receiving multiple offers.
As of today there are just 156 single-family homes in Maricopa currently available on the MLS. However, in the last 40 days, 251 homes have gone under contract so at the present time there is less than a 30-day supply of homes based on demand. If you have considered selling your home, now is the time to be on the market with a reminder to take the necessary precautions to show and sell your home while this pandemic hopefully comes to a much anticipated end very soon.
I need to be cautious to not completely downplay the COVID-19 virus because it has had an impact, not just the dramatic impact many thought it might. One segment of the market that has been impacted is the new-build market. The number of new-build permits has dropped significantly over the past 90 days: down 12.8% in March, down 31% in April and so far this May, new build permits are down nearly 75% and I suspect June numbers will come in quite low too.
Now of course these numbers will have an impact on new-home buyers this summer as availability of spec homes will be thinned out and buyers will be required to wait out the build time which can be anywhere between five to eight months, but that dynamic will serve to bolster the resale market so keep that in mind if you had considered selling later in the year.
In terms of sales, 554 SFD homes have sold in Maricopa since the first of the year, selling at an average of $119.68 per square foot. To put that number in perspective, 671 homes had sold in the same time period last year selling at an average of $110.67 per square foot, so the market is down in the number of units sold by 21% but up 8% in value.
Now keep in mind the 21% drop in homes sold is more of a reflection of availability then it is due to the virus. The number of listings are still down significantly year over year approaching a 32% decline on the number of homes available in the last six months.
Consult a local Realtor for more precise information on your particular home and have another great week.