The downward spiral in active Maricopa Arizona subdivision homes for sale continues and is now threatening to fall below 200 homes. Quite a drop considering there were over 650 homes available at this time last year. A staedy flow of seasonal buyers coupled with the continued slow release of foreclosed homes accounts for most of this trend. It is possible that we could see more foreclosures entering the marketplace now that the state AG litigation with the major lenders has reached a conclusion. However, although this may affect the current backlog (shadow) inventory, the prinicipal recustions proposed by the settlement may slow down future foreclosures as the lenders try and figure out a way to implement this (don't hold your breath!). Investor "flips" are dominating the marketplace and, as a result of highly competitive bidding at the trustee sales, values are rising.
ACTIVE LISTINGS: 207, down from 219
ACTIVE SHORT SALES: 35, down from 43
FORECLOSURES: 19, down from 21
AWC (short sales with offers): 201, up from 196
PENDING: 273, up from 255 HUGE increase! The highest number seen since SEPT 2011. After a month of recovering from "sticker shock", buyers are out in full force and this number will be reflected in CLOSINGS about 30 days down the road. "Comps" will also begin to rise and the appraisal issues we are experiencing now may fade away. Unless, of course, values/pricing continues to rise.
CLOSED: 27, down from 43 Slightly low but keep in mind that last week was an "end of the month" period and many closings were rushed to close before the end of JAN. I would expect closing to begin to rise in next week's report.
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