ANALYZING LAST MONTHS MARKET DATA:
MOST POPULAR ZIP CODES BY SALES :
#1 – is 85142, 150 SALES – Which is kind of misleading, because 87 homes were sold in Queen Creek, Maricopa County and 63 were sold in San Tan Valley, Pinal County.
#2. Buckeye 85326 – 124 SALES
#3 Peoria 85383 – 119 SALES
#4 Chandler 85225 – 117 SALES
#5 Sun City 85351 – 116 SALES
#6 Sun City West – 85375 110 SALES
#7 Maricopa 85138 – 102 SALES
#8 Surprise 85374 – 101 SALES
#9 Mesa 85207 98 – SALES
#10 Surprise 85388 – 98 SALES
The data is showing us a few things.
1. The retirement population equates as a known 21% of the sales as Sun City and Sun City West are number 5 and 6 on the list respectively. In the other 8 zip codes it is unknown how many of the population are of retirement age purchasing homes. Although, it is known that Queen Creek, San Tan Valley, Maricopa, Mesa & Peoria all are very popular among this demographic because of affordability, amenities and nearby health care options. I would assume this will shift into spring because many families tend to come out of the woodwork to land a home for when the school gets out so their kids don’t have to change schools near the end of the year.
2. Affordable housing options are still in high demand. I don’t have an exact number, my best guess is 40% +- of the purchases in all of the valley relied on some type low down program such as FHA, VA or USDA Financing. With $279,450 being the max that an FHA buyer can finance. However, the average income in the Metro is $51,492 which means with average debt, most buyers have been qualifying for a home buying power between $200k to $250k. Many are still in the $175,000 range.
3. Seller Assistance is at 37.6%. This is the amount of home buyers that relied on some kind of closing cost concession paid for by the Seller to help the buyer cover loan and title fees.
4. Cash sales rolled in at 22.8% of total sales.