Phoenix Real Estate: Maricopa (the town, not the county)

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Maricopa map

Maricopa is quite the interesting little study in rapid real estate development. Less than 10 years ago, it was a remote desert town, with about 1,000 residents.

Today, the population is pushing 35,000.

ABC News just published a very interesting article about Maricopa. Titled, “Poster Child for Housing Crisis: ‘They Were Building Mortgages’ in Arizona Town”, the article highlights Maricopa’s “boom to bust” run.

The is a ton of real estate for sale in Maricopa. As of this writing, there are 965 properties listed for sale (892 single-family detached homes). In the last 30 days, 135 homes were sold, for an absorption rate of 7.2 months (down significantly from the 12+ month supply of early this year).

239 homes are currently in a “Pending” status — the homes are under contract for sale and “in escrow”.

341 of the 965 active listings are tagged in the MLS as either short sales or bank-owned properties. In other words, 35% of the Maricopa homes for sale are “distressed” properties.

Many bank-owned (“REO” or “foreclosures”) are actually moving fairly quickly, with multiple offers and there are some banks accepting offers that approach 50% of the current loan amount. Currently 125 of the 239 pending sales, roughly half, are short sales/REO properties. Pending REO’s outnumber short sales 5 to 1 — more evidence that most homes in a short sale situation wind up going back to the bank eventually.

The sheer percentage of distressed properties for sale makes it difficult for non-distressed property to sell. The competition is stiff when you are competing with banks trying to unload homes from their books.

Infrastructure in is slowly improving, and I don’t see Maricopa becoming a ghost town. Lower housing prices are very attractive to many buyers. Hardly anything in the town is more than 10 years old. And while the commute into Phoenix can be lengthy, depending on your ultimate destination, it’s really not that different from living in the far reaches of the East or West Valley.

Maricopa is certainly one option to consider in a Phoenix area home search. Depending on your circumstances, it may not be a bad choice.

You can search for homes in Maricopa below, or visit the Maricopa page on the Phoenix Real Estate Search Site.

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About the Author
Jay Thompson

I'm a real estate broker in Phoenix, Arizona and the publisher of the Phoenix Real Estate Guy blog. I tend to drive too fast and scream at the University of Texas and Denver Broncos football teams. My two kids are smarter than most adults I know and my wife is simply amazing.

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  1. Sounds like a great place for first time buyers to get their foot in the door. Or someone looking to retire. More house for the money and close the big city. Repos are flooding our market along with short sales but they aren’t really moving a lot yet. New homes are still selling, although builders are having to throw in the works to get them sold.

  2. As an insurance agency we are seeing a large number of buyers in Maricopa from out of Arizona – even quite a few in Canada. These buyers are generally paying cash to use as a second home. My wonder with that scenario is this – how will the Town of Maricopa's economy be affected with a larger percent of these homes being owned as vacation homes?

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