Maricopa Arizona Homes for Sale - Weekly Housing Market Report 13MAR13
A slight upsurge in buying activity caused the inventory to drop slightly last week. Buying activity has been very sporadic during the first quarter of 2013 and is well behind the pace of the past few years. Patti and I have been experiencing an increase in inquiries over the past couple of weeks so it could be a sign that seasonal buyers are wanting to purchase over the last few weeks of the "winter" season. I don't expect any major shifts in the trending but we will just have to wait and see.
ACTIVE LISTINGS: 464, down from 480 Although this is the lowest inventory level since mid NOV of 2012, new listings are still entering the marketplace at a rate of about a dozen a day. It will only take a slight decrease in buyer activity to return the inventory to the near record numbers we have been experiencing lately. The market is extremely volatile!
UCB (mostly short sales with offers): 37, stable form 41 New short sales continue to be added each week, albiet at a slower arte than in the past. Since there are quite a few homeowners still in a distressed situation on their mortgages, it will be interestin to see if some are waiting until the school year is over to make a decision on what to do.
FORECLOSURES: 36, stable from 37
HUD Homes: 11, stable from 11 I am seeing more of these government backed foreclosures spending a bit more time on the market. A few have even reached the 30 day threshold where investors are able to submit offers. It wasn't long ago that most of these listings were receiving offers during the initial 10 day offering period. Could be some buyer opportunities here as these homes tend to be listed below current market value.
PENDING: 255, up from 237 This is the driving force behind the increase in inventory.
CLOSED: 19, down from 50 This is an anomaly as the previous week included "end of the month" closings which are always quite a bit higher than weekly averages.
ACTIVE RENTAL LISTINGS: 172, stable from 173 The inventory of rental homes continues to stay at low levels not seen since last fall. For now anyway, it would appear that the rental market in Maricopa AZ remains strong and offers a great investment opportunity as long a homes can be purchased at a discounted price.
RENTAL CLOSINGS: 21, down from 52 The drastic change is due to "beginning of the month" move-ins.
View the full spreadsheet here: Maricopa AZ Housing Market Data