Happy New Year everyone! The homes for sale market in Maricopa Arizona promises to be a "wild ride"! Inventory continues to edge downward though not at the pace that I expect to happen very soon. I have lived in Maricopa AZ for over nine years and every year come 2JAN it is like "flipping a switch" as seasonal buyers begin to pour into our small community. We already have numerous appointments booked for the first couple of weeks of JAN and expect a lot more to be on the books this week.
This year, unfortunately, the inventory is about 1/4 of what it was at the same time last year. Unless there is a large influx of foreclosures, which is unlikely as the lenders still appear reluctant to release their shadow inventory, homes are going to be very hard to find. Many buyers are going to be relegated to short sales and even those have been on the decline in regards to inventory. That being said, it will be very important for buyers to utilize a local agent that is not only very familiar with the market in Maricopa Arizona but also checks their "Hot Sheets" for new listings multiple times a day. Buyers also need to be prepared to pay above market and apprised value on homes so financed offers will be at a distinct disadvantage unless the buyer has extra cash to make up the difference between the offer and the appraised price. It's the old law of supply and demand at work.
It is also interesting to note that the inventory of rental homes in Maricopa Arizona declined appreciably over the last few weeks. This could open up an opportuntiy for investors.
Here are the latest numbers:
ACTIVE: 229, stable from 228 Large decreases in inventory are most likley right around the corner!
ACTIVE SHORT SALES: 53, stable from 54 I wouldn't be surpirised to see this number "hold its own or even increase over the next month or so as distressed homeowners that were waiting for the Holidays to be over begin the short sale process.
LENDER OWNED: 27, down from 29
HUD: 1, same These government backed foreclosures are hard to predict. The other issue is that they are avialble for owner occupants only for the first 30 days and none of them last that long.
AWC (short sales with offers): 179, down from 229 Due to a busy end of the month and year for closings, combined with a slow week during Christmas break, this number dropped signifigantly. Expect it moderate although a large increase will depend on available inventory.
PENDING: 228, down from 250 Same as with AWC.
CLOSED: 58, up from 41 Due to the typical end of the month (and year) with lenders and title companies wanting to get these closed before JAN.
DECEMBER CLOSINGS: 179, stable from 177 This number is pretty much right on pace from last year.
View the full spreadsheet Monthly home data