Here are my weekly numbers. Some BIG changes so be sure to read the summary. Once again, keep in mind that this is only for Maricopa Arizona subdivision homes. Also, I have added an AUCTION column beginning this week to track the inventory of homes being offered under a Notice of Trustee Sale.
ACTIVE: 793, down from 838. This is more than a 5% drop in a week. I will explain below but it appears to be due to a number of factors. Regardless of the reason, this is the lowest level since the first week of June 2010.
SHORT SALES: 349, down from 395. It would appear that this area is the major cause of the drop in inventory. I would have to do more intensive research but my guess is that a high number of these went under contract and that, coupled with a very large amount of closings, accounts for the drop in total inventory. There is also a chance that many of these listings expired at the end of the year and either the owners did not extend or the agents missed the expiration date. We'll have to wait and see what the numbers show next week.
LENDER OWNED: 184, down from 195. This area continues to dip in a consistant manner. As stated before, it is most likely caused by the self imposed lender moratoriums. I expect to see this number begin to flatten and then rise as the lenders lift these moratoriums and begin to release their pent up inventory.
AWC: 156, flat. Due to the large decrease in active short sales, I was expecting this number to increase. 20 short sales closed last week so that can be a contribting factor. Alsomost likely contributing are the reasons listed under SHORT SALES.
PENDING: 221, down from 235. This number has been declining for the last three weeks and since the number of closings have remained solid, it is most likely due to a lack of inventory of REO homes that meet the buyers criteria. Because of this, some may have been shifting their focus to short sales.
CLOSED: 54, up from 51. Huge back to back weeks as the total of 105 has not been seen since May 2010. Some of this may be due to an urgency to close before the end of the year but this did not seem to be the case last year. Regardless, this is a very encouraging number and hopefully is a sign that seasonal buying activity will be very strong into 2011. Personally, I have seen a huge increase in the number of seasonal buyers for the last quarter of 2010 and leads are coming in at a record pace to start the new year.
TOTAL DEC CLOSED: 217, up from 177. HUGE number that is at a level not seen consistantly since 2009 and not seen at all since JULY of 2010, when we always have an increase due to relocations prior to the new school year. Hopefully this is a sign of a strong 2011.
AUCTION: 11. This number reflects Maricopa Arizona homes that were offered for sale under a Notice of Trustee Sale. Since this is a new tracking area I do not have any trending yet. However, it will be an important area to watch as the lenders decide what to do with their bloated inventory due to moratoriums. Keep an eye on this one.
In summary, keep an eye on first quarter numbers. I have a feeling it is going to be a wild ride!!
Here is the full report: Monthly home data