Weekly Market Update for Maricopa Arizona
In order to stay on top of the highly unpredictable housing market in the my community of Maricopa Arizona, I am reviewing current market conditions every Monday morning and taking a look back at the prior week’s activity. At this point, my numbers only reflect those of single family subdivision homes and does include any activity on the surrounding acreage.
ACTIVE LISTINGS: The number of active listings increased by 12, from 937 to 949.This came after three straight weeks of remaining either flat or decreasing. It would appear that the flow of foreclosures is continuing again but it is too early to trend this. Most likely we will see the number stay flat or increase modestly as we approach the Holidays and the expected Holiday moratorium takes place.
SHORT SALE LISTINGS: This number decreased slightly from 451 to 456. This is most likely due to an increase in the number of short sales that received offers and are now AWC (Active with Contingencies). Personally, I am continuing to see a steady flow of requests for information from Homeowners of distressed properties in Maricopa Arizona. I fully expect to see a steady flow of short sale listings though many people may be waiting until after the Holidays.
Lender Owner Listings: This number increased from 240 to 253 and accounts for the overall increase in inventory.
AWC: As mentioned previously, this number reflects the short sales that have received offers and have been taken off the active market. A slight increase, 138 to 149, was experienced and is most likely due to the decrease in foreclosure listings over the past three weeks which has caused buyers to seek the more lengthy alternative.
Pending: Remained relatively flat at 258.
Closed: 28 homes closed escrow. This is a disappointing number as I had expected it to be higher due to the influx of seasonal buyers and all time low prices. Personally, The Wizards of Waz are experiencing a high volume of buyers and continue to write offers but apparently that is not the case agent wide. This will be a very important number to track through the Holidyas and into the New Year.
Overall, the market has remained relatively steady during the past week. Not too much should be taken from one week’s numbers as it is the trending that is important. There were two major foreclosure auctions that occured over the weekend and over 50 homes in Maricopa Arizona were successfully bid on. I will be watching these homes closely to see if, in fact, the lender actually accepts what were extremely low prices and, if they do, ascertain whether they are going to be placed on the market as rentals or “flips:
Until next week ……..
