2019 REAL ESTATE MARKET RECAP BY BRIAN PETERSHEIM
NUMBER OF BEDROOMS
GARAGE PARKING
4 bed 38%
2-car 79.5%
3 bed 44%
I n 2019, the city of Maricopa real estate market finally came to a stable point. For the past 10 years we have been seeing nearly double-digit growth year after year with an average increase of 9.2% per year. Historically, a “normal” real estate market, with the ebbs and flows, has generally appreciated 4% per year, according to experts. This year’s growth falls below that number. The median home price in Maricopa at the beginning of 2019 was $231,215, and at the end of 2019, the median price was $236,501, a growth of 2.3% over the year. Of the homes sold in 2019, a large percentage sold during the summer months, when schools are out.
2018 was largely classified as a “strong seller’s advantage,” but by the beginning of 2019, we downgraded a notch to classify the Maricopa real estate market as a “slight seller’s advantage” and has remained there the remainder of the year. There is still a high demand for homes, but with the number of brand- new homes available at great pricing, sellers of the resale properties are forced to stay competitive with pricing and may need to include closing- cost assistance and home warranties for the buyer. As a quick reference of how much builders compete against the resale of homes in Maricopa, here are the stats: THESE ARE THE CLOSED HOME NUMBERS in the city of Maricopa. A total of 1,949 homes were sold through Dec. 11, 2019. One out of every four homes sold was a brand-new home. Some of the new builds are “built to order” and never appear in the “homes sold” data.
5 bed 10%
3-car 20%
2 bed 6%
4-car 0.5%
6+ bed 2%
MOSTLY IN PROVINCE
PRICE RANGE OF SOLD HOMES
3
Under $150,000
NEW HOME BUILDING PERMITS
98
$150,001-175,000
993
500
$175,001-200,000
945
CLOSED HOME STATISTICS
481
$200,001-225,000
1,949
789
377
$225,001-250,000
Number of homes sold through Dec. 11, 2019
222
$251,001-275,000
$231,215 Median listing price 1/1/19
$236,501 Median listing price 12/11/19
131
$275,001-300,000
506
444
75
$300,001-325,000
347
65 Average days on market in 2019
36
$325,001-350,000
283
18
$350,001-400,000
2013 2014 2015 2016 2017 2018 2019
8
$400,000+
$124,000 3-bedroom, 2-bath, 1,666 square feet in Rancho El Dorado, 42430 W. Oakland Drive Least expensive home sold
$470,000 6-bedroom, 3.5-bath, 4,380 square feet in Cobblestone Farms, 22737 N. Sunset Drive Most expensive home sold
The forecast for 2020 indicates a strong showing by the current builders, with many of the floorplans being built most frequently as single- story homes. Some of the of the newest homes offer a multi-generational floorplan, which has an extra living area, bedroom, bathroom and kitchenette designed to provide space for multiple generations to live together under one roof but still retain some privacy. Prices will continue to rise, albeit slower than the past decade. The city will continue to grow, bringing larger businesses, and, as that happens, more people will become familiar with the city of Maricopa and not confuse it with the county.
CURRENTLY IN THE CITY OF MARICOPA
21,140 Homes constructed
1,685 Improved lots (streets and utilities in)
37,243
In 2019, there was a huge resurgence of builders coming “home” to Maricopa after leaving the area for a decade. With the construction of the overpass, builders Lennar and K. Hovnanian Homes have joined Richmond American in construction on the south side of the tracks. North of the overpass, D.R. Horton has completed its building in Glennwilde only to start building a large number of homes in Tortosa and Rancho Mirage. Other builders still adding homes to the area include KB Home, Starlight, Scott Communities, LGI Homes, Meritage and Fulton Homes.
Unimproved lots (planned for homes, but unimproved)
Sellers should consider interior paint/carpet if selling and should offer a “free” home warranty to the buyer to compete with the new builds. Brian Petersheim is a local Realtor with Homesmart Success. He can be reached at 602-206-9644 or BrianPetersheim@gmail.com.
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New Resident Guide 2020 | InMaricopa.com/NewResidentGuide
InMaricopa.com/NewResidentGuide | New Resident Guide 2020
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