Maricopa Arizona Homes for Sale - Housing Market Report 24JAN13

By
Real Estate Sales Representative with Wizards of Waz Real Estate

Sorry about the long time bewteen reports but between the Holidays, some time out of town and dealing with a few medical problems the last couple of months have been VERY hectic. The next few months are critical to the homes for sale market in Maricopa Arizona so I will be be more diligent in the future.

As expected, the influx of seasonal residents has begun in earnest and with it we are beginning to see an upswing in the buying activity. Inventory still remains high and, as a result, it is both a Buyers and Sellers market in Maricopa AZ, a VERY rare occurance. It remains to be seen what the future has in store but, for at least the next few months, I expect this to continue. Here are my comments on the ltest numbers:

ACTIVE LISTINGS: 477, down from 499 Although the number of new listings has remained relatively steady, this decrease is a direct result of increased buying activity from our seasonal buyers. I would expect this number to continue to decline over the next few months (until about mid-April). Values still remain at their highest levels in years but, due to the high inventory levels, many Sellers have shown that they will accept offers below list price. As a result, the average list price of homes in ceratin categories is decreasing slightly. My educated guess is that values will remain somewhat steady over the next few months but will begin to decline once the "summer season" begins. If you have been thinking about selling, NOW is the time!

SHORT SALE LISTINGS: 41, DOWN FROM 55 This number is a little surprising since it has remained relatively steady the last few months. Part of it is most likley due to many homeowners electing to hold off on short selling until after the Holidays. Also, there has been less interest in these listings (due to the long waiting period) so many of them have been on the market for quite some time and the owners are eager for offers. Keep in mind that, in the past few months, most agents have been "double ending" their short sale listings and it could be that many investors are not as motivated to place offers now that the short sale timeline would have them acquiring the homes during the summer season. I feel that their are definitely opportunities here!

LENDER OWNED LISTINGS (Foreclosures): 42, stable from 45 Very little has cjanged in this number over the past few months. Although the "shadow" inventory appears to be decreasing slightly, lenders still seem to be reluctant to release all of their inventory of foreclosed homes. If they do not become more agressive over the next few months, these listings will continue to enter the market for the next couple of years and contribute to keeping inventory of active homes for sale in Maricopa Arizona high.

HUD homes: 15, stable from 17 The inventory of these government backed foreclosures more than doubled a couple of months ago and have remained steady. Until very recently, it was pretty routine that a bid had to be submitted in the first ten days (the holding period) in order to be successful. Now I am seeing that some of these listings are staying on the market longer than that and, in fact, a few of them are passing the 30 day mark of days on the market and are available for investor offers. This is another great opportuntiy for Buyers.

SHORT SALES WITH ACCEPTED OFFERS: 84, stable from 79 This number has remained steady over the past month or so after taking a huge dip before the Holiday season began. It would apprear that there are still many homeowners in a distressed situation and, if that is the case, I would expect this number to hold steady or even increase in the coming months.

PENDING SALES: 234, up from 203 This is the huge increase that I have been expecting due to seasonal buying activity. Unlike last January, it would appear that buyers are now willing to accept that fact that values are higher and not dropping apprecialbly anytime soon. Althoug I predict values to drop slightly over the next 12 months, there is a certain amount of risk invloved as they could actually continue to rise (especially for certain types of homes). Because prices are still a great value proposition compared to other markets, many buyers are deciding to "pull the trigger" rahter than wait it out.

CLOSED: 28, up from 19 This number always flucuates quite but this week's number is in the normal range. I will expect to see a large increase over the next few months as Pending sales close.

 

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