The market has stabilized a bit over the past few weeks. After the inventory if subdivision homes for sale reached an all-time low of 217 two weeks ago, the number has bounced back up to 231. Since the number of short sales and lender owned properties has remained relatively the same, the increase is most likley due to an influx of investor owned properties as more homes appear to be available at the daily Trustees Auction. All this being said, I expect the numer of homes for sale in Maricopa AZ to continue to decline over the next few months as seasonal buying activity increases.
ACTIVE LISTINGS: 231, up slightly from 226
SHORT SALES: 46, down slightly from 48. Buyers continue to have no choice but to target short sales as the lenders continue to hold onto their shadow inventory and have slowed their rate of new foreclosures.
LENDER OWNED: 28, stable from 29 As mentioned previously, the lenders appear to be slowing their rate of foreclosure. In addition, lenders have always implemented a "Holiday" moratorium on foreclosures so I would not expect this number to increase but, in fact, decrease in the very near future.
HUD HOMES: These foreclosures of government backed loans (FHA, VA) continue at a slow pace. Because they are traditional priced about 10% lower than market value, the ones that do become available receive immediate multiple offers. The first 30 days, bidding is limited to owner occupants only.
AWC (short sales with offers): 213, up from 209 As stated earlier, buyers have no choice but to target short sales. The good news is that lenders appear to be streamlining their processes and offers are not taking as long to receive a lender response. Still expect at least 60 days for a response.
PENDING: 244, down from 251 This number has remained relatively constant since the beginning of October. With the influx of seasonal buyers, I expect this number to begin to increase soon. The Holidays may slow things up a bit but Pendings will dramatically increase shortly after the first of the year.
CLOSED: 34, stable from 33 Not a particularly strong number but a consitent one for this time of year.
View the full report Monthly home data
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