Maricopa Homes for Sale – Weekly Market Report 1AUG
Lots to talk about this week so let’s dive right into the numbers.
ACTIVE: 241, down from 265. Amazingly enough, the number of subdivision homes for sale in Maricopa AZ continues to decline. I had predicted that the lenders would begin to release their pent up inventory this summer but this does not seem to be the case. Couple that with a steady flow of buyers and this is the end result. It is becoming VERY difficult to find homes for buyers and the best ones are receiving multiple offers as soon as they hit the market. Because of this, values are being driven up.
ACTIVE SHORT SALES: 79, down from 93. As expected, buyers are having to turn to short sales in order to secure an offer on a home. More and more homeowners are beginning to explore this possibilty to relieve their distressed situation but the flow of new listings cannot keep pace with the demand for a home, any home.
LENDER OWNED: 44, down from 50. This is an incredibly small number. Even HUD homes, which is not included in this number, are at an all time low of 9 homes currently active. There is still a solid flow of homes at the trustee sale and investor-owned homes are beginning to make up a larger percentage of the market. This is another factor that is driving values up as investor “flips” tend to be priced above market value due to supply and demand.
AWC (short sales with offers): 193, down from 204. I would have expected this number to increase due to the increased demand for short sales. This is the smallest number the market has experienced since JAN 11. Apparently the lenders are becoming more adebt at processing these homes and moving them to the closed status.
PENDING: 285, down from 293. Though this number declined slightly, it is still a very strong number. Last JUNE there were only 248 homes pending. Coupled with the continued presence of a strong flow of buyers, it would appear that closed sales will continue at unusually high levels for the summer season. Given the time of year, there is a distinct possibility that the “summer lull” will not occur as seasonal buyers will begin to migrate back to Maricopa Arizona in just a couple of months.
CLOSED: 60, up from 49. A higher number is usually expected during the last week of the month but this is a strong number regardless.
CLOSED IN JULY: 224, down from 313. Though this is a large decline, JUNE was an exptional month (see report for first of JULY) that was not expected to be repeated. These numbers are more in line with prior months and is a very strong number when compared to the summer monmths of last year.
SUMMARY: If the trends of this year continue, there is going to be a a severe lack of inventory during the seasonal “migration” of the snowbirds. This usually begins in late SEPT or early OCT and builds until it explodes right after the first of the year. Though the economy has not yet rebounded, the downward spiral appears to have bottomed out so this should not play a factor. Snowbirds should return in numbers approaching or exceeding those of prior years. Unless the lenders begin a release of their shadow inventory (which I still feel exists but am now questioning the extent of it), the small number of homes for sale will be quickly “gobbled up”. This means that the more desirbale homes such a large single levels, homes in The Villages and Cobblestone, and pool homes will see their values increase dramatically. In addition, homes that have been considered hard to sell for various reasons will now become sought after at prices higher than previuosly seen.
View the full spreadsheet Monthly home data
