Maricopa Arizona Homes for Sale – Weekly Market Report 23MAY
Here is my latest update regarding the market for subdivision homes for sale in Maricopa AZ. As has been the trend, inventory continues to decrease, though I expect it has to be bottoming out soon. Buyer activity continues to remain strong as evidenced by the consitant numbers of Pending and Closed Sales. Here is a more detailed look into the numbers:
ACTIVE: 345, down from 353. Not a lot to be said other than the market is really tightening up. This is in spite of the fact that many of the investor owned homes are being priced very agressively. Lender owned pricing continues to be “all over the map” with the best deals obtaining multiple offers and “highest and best” almost immediately.
SHORT SALES: 122, down from 139. After a few weeks of remaining relatively stable, the short sale inventory declined more than 12% last week. It’s pretty obvious that buyers are still willing to offer on these properties as their options are few and far between. Though waiting for a short sale approval can be frustrating, it is just as frustrating to miss out on numerous lender owned offers due to multiple offers. Of course, the other factor is that we are still not seeing a steady flow ogf new listings into the marketplace. This could change with the school year coming to an end and dustressed homeowners being in a better situation to finally make a decision to move on.
LENDER OWNED: 63, down from 75. After a couple of months of relative stability, we saw a decrease of over 16% last week. The lenders continue to hold back many homes that they have foreclosed on months ago. I should also point out that this number does not include HUD homes. I did not use these when I first started tracking the numbers and do not want to add them at this time as they would skew the trends. There seems to be a steady supply of these homes that were insured by government backed mortgages, mostly FHA loans. There were a couple of programs offered during the boom years that allowed buyers to get an FHA loan with little or no money down and that appears to be catching up with us now.
AWC (short sales with offers on them): 229, up from 219. A little spike occured in this area last week for reasons already stated. This is as high a number as I have seen in the past few months.
PENDING: 392, stable from 397. A very solid number for this time of year and it appears to be remaining stable and is well over 20% higher when compared to last year at this time. This can only point to a strong number for closing over the next 30 days or so.
CLOSED: 53, up from 42. Given all of the rest of the information, this is not unexpected but a very high number regardless. I expect the month to finish strong as next week’s report will begin to include the “end of the month rush” we always see.
View the full spreadsheet Monthly home data
