This report provides a comprehensive analysis of the real estate market in Maricopa County from March 22, 2024, to April 22, 2024. It aims to offer a structured, unbiased, and informative perspective, using data compiled by Gustavo Ramos and provided by ARMLS and FBS. All information is detailed with a caution that it should be verified by the recipient, acknowledging that none is guaranteed as accurate by ARMLS.
Market Segments Analysis
1. Residential Properties
Active Listings: There were 16,263 residential properties listed with an average listing price of $932,047.
Transactions: 5,481 homes were sold at an average price of $640,450, and 7,633 new listings were added.
Market Movement: Average days on market stood at 62, while the average days until sale was 60.
2. Multiple Dwellings
Active Listings: 212 units with an average listing price of $1,511,779.
Transactions: 24 units sold with an average price of $790,204.
Market Dynamics: These properties had an average of 58 days on market before sale.
3. Residential Rentals
Active Listings: 6,163 units listed for an average rent of $4,239.
Leases Signed: 1,935 units were rented out, fetching an average rent of $2,329.
Rental Market Trends: The rental market saw an average of 41 days from listing to lease.
4. Land and Lots
Active Listings: 2,572 listings with an average price of $737,378.
Sales: 216 plots sold for an average price of $595,663.
Market Trends: Plots remained on the market for an average of 187 days.
5. Commercial and Industrial Sales
Active Listings: 162 properties with an average listing price of $1,892,711.
Transactions: 12 properties sold with an average sales price of $868,408.
Market Activity: These properties typically remained on the market for around 76 days.
6. Commercial and Industrial Leases
Active Listings: 223 spaces available for lease with an average price of $3,676.
Lease Agreements: 11 units leased out at an average price of $2,246.
Leasing Trends: Commercial spaces experienced an average market duration of 89 days.
7. Business Opportunities
Active Listings: 113 businesses for sale at an average price of $848,382.
Transactions: Only 3 businesses were sold, with an average sales price of $574,167.
Market Insights: These listings remained on the market for a substantial average of 158 days.
Overall Market Summary
Across all categories, a total of 25,708 listings were active with an average price of $692,560. The total number of transactions reached 7,682, resulting in an average sale price of $478,340. The general market exhibited an average duration of 60 days on market, indicating a relatively stable demand across most sectors.
Conclusion
The Maricopa County real estate market presents a varied landscape with stable prices and moderate activity across different sectors. Potential investors and homeowners should consider the average market durations and pricing trends for informed decision-making. Given the fluctuations in specific areas like business opportunities and multiple dwellings, stakeholders are advised to conduct thorough market analyses and verify information before making significant investments.
Sources
ARMLS & FBS, 2024.
Data analysis and reporting by Gustavo Ramos with Best Homes Real Estate.
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