Weekly Maricopa Arizona Homes Market Update
For the week ending on Sunday, November 7th
After two weeks of the Maricopa home inventory remaining relatively constant, the number of Active listings (single family subdivision homes) fell from 968 to 937 representing a 3.2% decline. This inventory level has not been seen since the latter part of September 2010 and very well may be due to lender moratoriums on foreclosures. This is sunstantaited by a large drop in the number of homes available at auction during Trustee sales in Florence. Another confirming factor is that the number of lender owned homes fell by 26 properties while the number of short sale listings increased by two properties.
Also of note is that there was a large increase in the number Pending offers over the prior week. Currently there are 258 homes pending sale, which is a level seldom seen since the weeks of June 2010. This could very well be signaling the arrival of seasonal buyers (snowbirds) who usually begin to ”migrate” to the community of Maricopa in mid October. The largest influx is not usually seen until after the first of the year. The number of Closed transactions was 33. Though below the levels of October 2009, this number is consistant with prior weeks.
Although I do not track actual housing values, I am seeing a continued decline. Foreclosures are accumulating DOM (days on market) and it is very common to see homes selling for a price under the lender approved price. Large single level homes continue to dominate sales as do locations north of the railroad tracks. Homes with existing pools are also attracting a lot of attention as the inventory level of these homes is not very high.
I will continue to update these figures every Monday so be sure to bookmark this blog and check back weekly.
