Maricopa, AZ Real Estate — Homes For Sale in Maricopa, AZ

I want to thank you for your business and consideration. The news about COVID-19 is at the top of everyone's mind, and my priority is the health and safety of my clients, family, friends and our community. Homes are selling and I am showing properties. Lenders, title companies, inspectors, appraisers are all open for business. Mortgage rates are extremely low and there are some particularly good low-down payment lending programs available (great for first time buyers). Here are the basics - the ARMLS numbers for May 1, 2020 compared with May 1, 2019 for all areas & types: Active Listings: 14,051 versus 17,513 last year - down 19.8% - but up 6.4% from 13,211 last month Pending Listings: 5,696 versus 7,326 last year - down 22.2% - and down 7.0% from 6,125 last month Under Contract Listings (including Pending, CCBS & UCB): 9,512 versus 12,463 last year - down 23.7% - and down 6.3% from 10,152 last month Monthly Sales: 7,127 versus 9,659 last year - down 26.2% - and down 19.6% from 8,864 last month Monthly Average Sales Price per Sq. Ft.: $184.24 versus $172.24 last year - up 7.0% - and down 1.3% from $186.59 last month Monthly Median Sales Price: $299,999 versus $270,000 last year - up 11.1% - and down 0.3% from $301,000 last month In summary, supply went up, demand came down, sales dropped sharply, and prices weakened slightly, the latter because of large changes to the sales mix. The summer lull in luxury home transactions has come 2 months early in 2020. The sudden rise in active listings without a contract ran out of steam during April and is now on a flat to slightly lower trajectory for May. The sharp fall in contract activity has stabilized at a level some 20% to 25% below normal for the time of year. Closings tend to follow the same pattern as listings under contract, but offset into the future by 4 to 6 weeks, It is therefore no surprise that closed sales dropped around 20% compared with last month and about 26% compared with April 2019. Sales are still declining but are not far away from leveling out given that new contracts have now found a floor to stand on. May should see less volatility than April as supply and demand both start to stabilize. We do not anticipate any fast return to normality, which would need sales to increase by 35% from where we are now. This would require a quick end to the pandemic which does not look likely. We are a long way from herd immunity and a vaccine that can be supplied in large enough quantities is not expected in the short term. This means the market must adapt to a new normal. This will be vastly different from the old normal and probably last for several quarters. Sales pricing will look a little weak for the next 5 months (at least) because the market over $350,000 has seen a larger fall off in transactions than the market under $350,000. The sales prices do not reflect a fall in home values, however, which continue to be supported by the fact that the lower demand is still in excess of our meagre supply. Home prices are unlikely to fall without a glut of homes for sale, something that does not look likely at this point. Almost no foreclosures took place in May and many borrowers took advantage of the government-imposed forbearance on lenders. The greatest risk to the market is in what happens to lenders and loan servicers over the next 12 months. Cromford Report If you are considering selling or buying, please give me a call and let us set up an appointment to discuss your expectations and current market conditions. For your convenience I can set up a virtual meeting via Zoom. All the best, less

City: Maricopa Maricopa is a city in the Gila River Valley in Arizona. With an estimated 50,174 residents as of 2018, Maricopa is the second most populous incorporated city in Pinal County and eighteenth most populous in Arizona. Maricopa forms part of the Phoenix metropolitan area. Zip codes: 85138, 85139 Area code: 520 City website: www.maricopa-az.gov/web/ Schools: Maricopa Unified School District School website: www.musd20.org/ less

This fast-growing suburb to Phoenix still has that small town feel. A growing community with restaurants, shops and entertainment. It's the kind of place where you can enjoy the rich Arizona sunsets that hug the mountains and after, be amazed by the night sky where you can still see the stars. Always something to do. Take in a movie, check out some of Maricopa's rich history or spend the day in one of the beautiful parks. Feel free to reach out to me to find out more! less