Maricopa Arizona Homes For Sale – Weekly Market Report 16MAY
And the beat goes on! All indicators continue to trend in the same direction. Maricopa AZ experienced another sharp decline in the inventory of subdivision homes for sale. Once again, this is most likley due to continued buyer interest and the inability of new inventory to keep pace with their purchases. Here is a closer look at the numbers.
ACTIVE: 353, down from 374. Though all home types are getting harder to find, single story homes (especially those with pools) are particularly scarce. Values are holding steady and, in some cases, increasing. New listings in desirable locations are receiving multiple offers immediately. Homes priced well above market value are still showing strongly and many have gone pending, though the actual sales price is yet to be determined. As a result, many buyers are being forced to alter their criteria and look for homes in areas that they otherwise would not consider. Others are “sitting on the fence” waiting for more inventory to become available.
SHORT SALES: 139, stable from 141. This number had been decreasing at a steady pace so this may just be a momentary slow down. Since many homeowners still appear to be deciding what to do with their distressed homes, it will be interesting to see if many have been waiting for the school year to end before they either short sell or walk away from their homes. We should have the answer in the next few weeks. Personally, I feel that we will see an increase in the number of short sales available.
LENDER OWNED: 75, stable from 74. This number has remained relatively steady for the past couple of months. The big question is: How much shadow inventory is out there and when/how will the lenders release it? I, along with many other residents, have noticed quite a few homes that have been vacant for quite some time so there is no question this inventory exists.
AWC (short sales with offers): 219, stable from 216. This number has also reamined relatively steady for the past few months. Buyers/agents are being forced into this area due to lack of quality homes for sale.
PENDING: 397, up from 384. This number has surprised me a bit. I was expecting a slowdown due to the “migration” of seasonal buyers heading home. Many have, in fact left but obviously they are still making offers. We have also seen increased interest from AZ residents and investors and that may be “picking up the slack”. Since we usually experience and increase in interest once the school year is over, it appears that we will not experience the normal lull in activity expected at this time of year.
CLOSED: 42, down from 48. Still a very strong number for this time of year. Considering the number of Pending listings, I would expect May to finish very strong.
If you would like more information or want to take advantage of the incredible deals in Maricopa Arizona, you can contact The Wizards of Waz at 520.840.0185 or by emailing waz@wizardsofwaz.com. Patti and I have lived in Maricopa for almost 9 years and know the area like nobody else. Also, we ONLY deal with Maricopa real estate.
