Sorry to be a little late on this report but I noticed on Sunday that it the Maricopa Arizona homes for sale market experienced it's second straight week of an inventory drop and I wanted to see if this was sustained before I commented. Sure enough, I checked the inventory again this morning and it continues to decline and is now at a level that we have not experienced since mid-OCT of last year. Since both Patti and I have been experiencing an increase in buyer inquiries over the past couple of weeks, it would appear that there is a late surge of interest from seasonal buyers. Prices have softened slightly and that, combined with the fact that most of these buyers will be leaving the area to head back home in the next month or so, seems to be generating a burst of renewed interest. What does this mean? I can't help but to repeat my "mantra" for the past few months: "It is a great time for both buyers and sellers of homes in Maricopa AZ".
For buyers, I have noticed that in spite of the increase in values over the past six months, there has definitely been some "softening" when it comes to negotiations of offers and most homes are closing for less than list price. Besides, even at current pricing, homes in Maricopa Arizona represent a great value when compared to other markets. Although I still expect values to decline through the rest of 2013, if you wait for "the bottom" you will most likely miss it!
For potential sellers, I continue to firmly believe that the current market is the best opportunity that you will have in the short term. Depending on when you purchased your home, the value increases of the past six months have made it possible for many homeowners to realize a tidy profit (something we have not seen in quite awhile) or, at the very least, be able to cash out of your current home and move to another.
I'll update this report again next Monday and go into more detail on what the numbers mean. In the meantime, here they are:
ACTIVE: 446, down from 464 Keep in mind that this is from Monday. Today's inventory is 428.
The rest of the numbers have remained fairly stable and can be viewed at Maricopa AZ Housing Market DataMaricopa Arizona Homes for Sale - Housing Market Report 22MAR13