Blog

Maricopa Real Estate Update

By Jeff Larsen

People often ask us “How's the real estate market? As you know it is pretty darn good. However, it truly depends on the price point, location and condition of the house, of course. Our office tends to think of it like this- there are really 4 markets right now, under 300k(on fire), under 600k, under 1M and over 1 M (slow) with different characteristics for each. Some cooling will take effect at some point because 8.8% price growth is not sustainable in the long run.

Here is what is going on at a high level here for Maricopa and North Pinal which comprises the ARMLS for your review:

Total Inventory —> down 11.5% (contributing to sellers market)
Total closed Sales—> up 4% (pump up the volume)
Average Sales price—> up 8.8%, $305,200
Sellers market—3 month supply of inventory (6 month is considered normal)
Days on market—>6 days less (75 vs 69 days) Homes selling faster in 2017 vs 2016
Median sales price —>up 8.4%, $245,000
Foreclosures—>down 18.3% ( good signs of a healthy market/economy)
Short sales—>down 46.5% (good signs of a healthy market/economy)

Maricopa median household income $55,676 which is very close to what it takes to afford the median home price of $245,000.

BTW, Despite the drastic ups and downs over the years, the average yearly appreciation rate over the last 19 years for Maricopa Cty is 4%. This will continue to attract new home buyers over renting which will fuel the overall market.

Call us today to discuss your goals and your specific area.

480-692-1424

Larsen Real Estate

7975 N. Hayden Rd, #A101,

Scottsdale, Arizona 85258

Phone. 480-692-1424

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