Maricopa Arizona Homes For Sale -Weekly Market Report 6JUN
Here is my latest update on the market of subdivision homes for sale in Maricopa AZ. There still appears to be no end in sight to the current trends but, considering the extremely low level of existing inventory, it has to change soon.
ACTIVE: 304, down from 326. At the current pace of closed sales, this number reflects less than a 2 month inventory of homes. This is unheard of, even in a relatively solid market. Buying activity contues to remain strong and the supply of new listings is not able to keep pace.
ACTIVE SHORT SALES: 111, down from 119. As before, buyers are having no choice but to pursue short sales due to the lack of inventory. In addition, there still does not seem to be a strong influx of new listings. This is an area to keep an eye on as I expect more homeowners to pursue this option now that the school year is over. That being siad, the difference between short selling and allowing a home to go to foreclosure appears to be “graying” and some homeowners may simply choose to walk away.
LENDER OWNED: This is a ridiculously low number of foreclosure homes available. Once again, keep in mind that this does not include HUD homes (currently at 26) but these too are declining. When lenders decide to begin releasing their pent up inventory is anyone’s guess.
AWC (Short Sales with offers): 201, down from 214. This number would suggest that not as many buyers are choosing this alternative OR that a large number of these homes actually closed or were pended at the end of the month.
PENDING: 381. down from 402. This is still a very strong number and I expected it to drop from the record high experienced in the last report. I will be watching this number closely as we usually experience a slight lull in the market at this time of year. However, if the trends contune, this lull may not actually occur this year. Though both Patti and I have have experienced a slight drop in the number of buyer inquiries, this obviously is not the case with Maricopa driven agents in general as the numbers continue to stay strong. This will be my most watched number in the weeks going forward!
CLOSED: 64, up from 51. A strong number is expected at the end of the month and we were not disappointed.
MAY CLOSINGS: 235, stable from 235. As luck would have it, this is the exact same number of closings the we experienced in MAY 2010. It should be pointed out that JUNE 2010 only had 148 closings, which is why I am watching the number the number of pending listings very closely. There were only 261 PENDING sales at this time last year so I do not expect a similar drop in closings this year.
SUMMARY: I have mentioned before that the summer seaon tends to be unpredictable and I expect 2011 to be no different. Since buying activity has remained strong (as indicated by the current Pending sales), I would expect it to continue as a new influx of buyers will most likely occur very soon from people that are looking to relocate during the school off-season. What happens with inventory is mainly in the hands of the lenders and their bloated “shadow” inventory.
View the entire spreadsheet Monthly home data
