Maricopa County's real estate market shows diverse activity across various price brackets, property types, and financing methods, reflecting the region's broad economic landscape and consumer preferences.
Sales Distribution by Price Range
The distribution of sales by price range for different types of properties highlights significant trends in affordability and market demand.
Lower Price Range (Under $100,000):
Predominantly manufactured homes and some single-family units.
A total of 51 units sold across single-family and manufactured categories.
Mid Price Range ($100,000 - $499,999):
Represents the bulk of the market transactions.
Significant activity in the $300,000-$399,999 range, indicating a robust middle-market segment.
High Price Range ($500,000 and above):
High-end market transactions mostly involve single-family homes.
Notable sales volumes in the $550,000-$749,999 range and notable luxury market activity above $1 million.
Property Types and Volume
The data shows a substantial differentiation in sales volumes across various property types, with single-family detached homes leading:
Single Family - Detached: $1,361,344,902 in sales with a median price of $489,900.
All Other Types: $139,257,336 in sales with a median price of $318,000.
Manufactured: $36,029,967 in sales with a median price of $170,000.
Financing Types
The choice of financing also portrays distinct preferences and economic capabilities of home buyers:
Conventional Loans: Most prevalent financing type, especially for single-family homes.
FHA and VA Loans: Significant use, reflecting government-supported home purchasing options.
Cash Purchases: High volume, indicating a substantial portion of buyers are investors or those able to purchase without financing.
Sales by Time on Market
1-30 Days: The majority of homes were sold within 30 days, suggesting a seller's market with high demand and fast turnover.
More Than 120 Days: Longer sales periods were less common but noticeable, possibly indicating higher-priced or less desirable properties.
Conclusion
The real estate market in Maricopa County remains vibrant with a wide array of properties catering to various economic segments. The predominance of conventional financing and quick sales cycles indicates healthy demand and efficient market conditions. This report, based on ARMLS data, provides a comprehensive overview to assist buyers, sellers, and investors in making informed decisions.
Data should be independently verified, and while the analysis provides a snapshot of the current market, ongoing monitoring will be essential to capture any shifts in the economic landscape or housing market dynamics.
Sources
Arizona Regional Multiple Listing Service, Inc. (ARMLS)
Data for this report was compiled and analyzed by Gustavo Ramos with Best Homes Real Estate.
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