Maricopa Real Estate Market Report for October 2011 - Prices Up - "Market Flips"

Maricopa Real Estate Market Report for October 2011 - Prices Up - "Market Flips"

Maricopa AZ is just a short 25 minutes drive from Chandler and 35 minutes drive from Phoenix Sky Harbor Airport. Hwy 347 connects the City of Maricopa with Metro Phoenix cities. Accoring to census data 43,000 residents call Maricopa their home. The average household income in Maricopa is $75,000. Approximately 61 % of Maricopa residents hold Bachelor or Graduate degrees. Maricopa has two award winning golf courses (The Duke and Southern Dunes). Maricopa is a great place to live with lots of real estate opportunities.

Maricopa Real Estate Market Report for October 2011*
 
•    165 home sales in Oct.2011 in the Maricopa real estate market (176 in Sept. 160 in Oct. 2010)

•    Median price of Maricopa real estate jumped to $95,000 (85,000 in Sept,$89,900 Oct.2010)

•    October average price/sf was $45.15 ($43.28 in Sept.)

•    Maricopa real estate Inventory is stable with 459 properties (459 Oct.,474 Sept.).
   


The Maricopa real estate market has 244 Pending sales as of Nov.5th


Average home price per sf in Maricopa in October increased by 4.3 percent to $45.15/sf compared to just 1 month earlier. October median price jumped by 12% to $95,000.

After high sales numbers in the summer (driven by school year considerations), sales seasonally decreased in September and October. Sales numbers appear stable compared to October of last year. Maricopa Real Estate Inventory remains low and real estate flips make up a large portion of the market, contributing to price increases.

HUD and Fannie Mae owned homes continue to regularly attract multiple offers and close above listing price. In a market with upward price pressure it has become increasingly a challenge to get an offer accepted on relatively low priced distressed inventory.


* This market report is based on Arizona MLS data for residential property sales in the City of Maricopa. Only single-family detached homes are included. For Sale by Owner, auctions and other Non-MLS transactions are not included.