Marciopa Arizona Homes for Sale - Market Update 15FEB

By
Real Estate Sales Representative with Wizards of Waz Real Estate

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.

 

VIEW the full report here Monthly home data

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Rainer
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Surprise Arizona Realtor Jim Braun Sun City Grand Active Adult Communities
Coldwell Banker Residential Brokerage Jim Braun Sun City Grand Az - Surprise, AZ
Surprise AZ real estate Phoenix West Valley

Investor flips are strong. The drop in available listings from last year is ubnbelievable. It would be great if we could get this market on the upswing.

Feb 14, 2012 11:56 PM #1
Rainer
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Bill "Waz" Wasowicz
Wizards of Waz Real Estate - Maricopa, AZ

Thx for the post. We currently have about 200 homes for sale in Maricopa vs. over 650 last year. I wish it were indicating an upswing but we still have way too many disressed homes here for that to be the case. Snowbirds are causing out little "uptick". Depending on how the lenders decide to release their shadow inventory, we are probably in for a ride along the bottom for at least a year or two.

Feb 15, 2012 03:50 AM #2
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Rainer
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Bill "Waz" Wasowicz

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