The downward spiral of homes for sale in Maricopa Arizona continues as inventory of available homes is now at 181!! At some point very soon I would expect this number to “bottom out” but the impact from seasonal buyers may keep this from happening in the near future. Single level homes are particularly scarce and, as of this morning, there are only 12 homes, not including short sales, that are priced below $90,000 in all of Maricopa!!
If you are a buyer and are waiting to see if prices will return to last year’s values, you may be in for a very long wait!!
ACTIVE: 181, down from 207
ACTIVE SHORT SALES: 32, down from 35 After a big drop last week, this area seems to have stabilized. It remains to be seen whether or not many of the distressed homewoners will choose to go this route or simply let their homes go to foreclosure. If that is the case, I would expect inventory to drop even further as the lenders still seem reluctant to release inventory.
LENDER OWNED: 16. down from 19 This will be an area to watch closely as lenders may begin a release of their “shadow” inventory now that the AG litigation has reached a settlement. However, any release of new inventory may be balanced out by the new prinicipal reduction plan if, in fact, they are able to roll this out in a timely manner.
AWC (short sales with offers): 202, stable from 201 Most of the short sales have been “picked over” so, in spite of the low inventory levels, buyers do not have much to choose from. In addiiton, seasonal buyers may be avoiding these properties even more as the likelyhood of them closing escrow before the summer season gets slimmer every week.
PENDING: 283, up from 273 This is the highest number I have seen since mid AUG of 2011. Expect the number to rise even more as buyers begin to understand the lack of availability and develop a sense of urgency. “Sticker shock” is fading away!
SOLD: 38, up from 27 The next couple of months will show some very solid closing numbers as the increased amount of PENDINGS convert to SOLDS. The values of homes as seen by appraisors will also rise making financed offers easier to push through without cash contributions. Of course, this is assuming that prices do not continue to increase as inventory dwindles.
RENTALS: The rental market in Maricopa remains very strong as there is only approximately one months inventory available. Whether or not this is a heavily influenced by seasonal rentals remains to be seen. If that is the case, we can expect a large increase in the rental inventory as 6 month leases expire and homes go back on the market.
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