In spite of the large influx of seasonal buyers looking for homes in Maricopa Arizona, the inventory jumped signifigantly this past week. I’ll go into more detail below but this is very unexpected given the rest of the tracking numbers. Values continue to remain strong with much of the new listing pricing topping out at above what a home will most likely appraise for. It would appear, at least for right now, that buyers will have an easier time locating and getting offers accepted on homes in Maricopa AZ.
ACTIVE: 252, up from 239 As mentioned above, this increase is completely unexpected and is, in fact, the highest number of available homes for sale in Maricopa Arizona since mid-OCT. Since most of the other tracking numbers have remained stable, I have to assume that this increase is a result of an increase in investor homes entering the marketplace, most likely timed for the arrival of our “snowbirds”. Another contributing factor is that I am seeing an increase in the number of traditional sales. The end result is that prices are remaining high with many listings being priced above what they will appraise for. This will give cash buyers a huge advantage as many investors and homeowners will not want to risk a contract “falling out” due to appraisal issues.
ACTIVE SHORT SALES: 52, stable from 55 Short sales continue to stream onto the market at a rate of 2-3 a day but this is being balanced out by the number of offers placed on them. Particularly in the instance of high demand homes (single level homes or “ramblers” in the prime subdivisions), buyers have limited selection and are being forced intot his arena.
LENDER OWNED: 33, up from 29 This is not a substantial increase although I will be watching this sector closely. The “shadow” inventory remains high and lenders copuld decide to accelerate the release of their pent up inventory at any time (or in no time soon for that matter). These homes are being targeted by buyers as the lenders tend to have the homes priced within current market values so appraisals will not be an issue in most cases.
HUD Homes: 4, up from 2 These government backed foreclosures (FHA and VA loans) were a substantial part of the lender-owned inventory not too long ago. It remains to be seen whether or not we will see an increase in this sector. Regardless, only owner occupants can submit an offer in the first 30 days. Also, since these homes tend to be priced around 10% below market value, multiple offers are the norm. There is a 10 day holding period on new listings before offers are reviewed so by the 11th day there are usually quite a few offers submitted meaning a winniing bid will have to be close to market value. So don’t be fooled by the low pricing on these listings. Chances are you will need to pay a much higher price to get one.
AWC (short sales with offers): 180, stable from 176
PENDING: 224, stable from 226 I really expected this number to begin to increase due to the number of buyers in town. Since Patti and I are experiencing a flood of new buyers I have to assume that a number of factors could be in play. The most likley scenario is that since the majority of the non-short sale listings are investor owned and priced well above market value (the old law of supply and demand) it could be that buyers are taking a little longer to assess the market before making offers. Financed buyers are also being slowed down as they have had to weigh the distinct possibility that their offer price may not meet appraisal and they will forfeit appraisal and inspection costs. This is another area I will be keeping a VERY close eye on.
CLOSED: 34, stable from 31 Although a bit low, these numbers are somewhat in line with same time last year. Since it takes 30-45 to close escrow on most contracts, I am not expecting a substantial change in this number until mid FEB.
View the full spreadsheet Monthly home data