I think we all feel a little excited at the prospect of things getting back to normal, gaining some freedoms back, and living our best life.
Our state will be open soon again for business. People that lost their job will have a chance to return to work or get a new job. Our local small businesses will soon begin to open up. They have been hurt the most and need us all now to shop local. Many people may not look at real estate as a local business but it is.
We have several real estate brokerages in the city of Maricopa with well over 150 agents employed with them. Most of the agents live and work in Maricopa and are considered a business within a brokerage. As we begin to open up small business again, now more than ever please shop local.
I think the greatest impact from the shutdown for the real estate market in Maricopa is sellers feeling uncomfortable with buyers coming in to look at their home. Some sellers decided to hold off listing their home until the state opens up, thereby keeping inventory low. A low inventory combined with low interest rates still had buyers out shopping and purchasing homes. The average days on market for the last two months for a home listed before getting a contract, was only 41 days.
There are currently 221 single family homes in an HOA subdivision currently under contract in the city of Maricopa. There are only 194 homes listed for sale right now, so there are more homes under contract than there are to buy. As the economy begins to open back up we predict more homes coming on the market.
In 2019 from Jan. 1 to April 30 there were 609 closed sold single family homes in an HOA subdivision. In 2020 for the same time period, we have had 673 closed sold homes.
The market trend still indicates a very strong market for both the buyer and the seller.