Weekly Maricopa Arizona Housing Market Update
My weekly snapshot of the Maricopa Arizona housing market.
INVENTORY: 878. The number of active listings of subdivision homes in Maricopa Arizona has dropped to a level not seen since mid July 2010. The most likely cause seasonal buyers coupled with the effects of the foreclosure moratoriums, both imposed and Holiday. Bank of America recently resumed their foreclosures and, with over 16,000 foreclosures on the books with BofA alone, I expect inventories levels to continue to increase shortlky after the first of the year.
SHORT SALES: 411. This number remained realtively steady. My expectations is that it will remain that way or even drop due to many homeowners wishing to wait until after the Holidays to deal with their distressed home issues.
LENDER OWNED: 216. A 5% drop as this number continues to drop, most likley for the reasons stated above. However, I do not expect this trend to last for long.
AWC: 157. Remained stable. Short sales continue to attract buyers that are not in a hurry and I have noticed an increase in investor offers.
PENDING: 270. An 8.5% increase over the prior week. This would appear to be due to the migration of the “snowbirds” (seasonal buyers) which will really pick up steam ashortly after the first of the year.
CLOSED: 28. A little off the expected numbers but closed sales are very volatile and not too much can be assumed from one week’s worth of data. Given the steady numbers in the Pending column, I would expect a solid December. Of course, there are a lot less days for title companies and lenders to work with due to the upcoming Holidays and their work ethics tend to decline a bit.
SUMMARY” All in all, no big surprises here. JAN and FEB will be the tell tale months as we will see what effect the resumption of foreclosure activity has in realtion to the expected heavy influx of seasonal buyers.
To view the full report and trending click here Monthly home data
