Inventory of Maricopa Arizona subdivision homes for sale contiues to decline and now represents a 15% drop in the past 30 days. Although there has been a slight "softening" in values, prices are still near the highest levels that I have seen in the past 4 years. The Maricopa AZ housing market is just about to enter what is typically it's most volatile time of year. Most of our winter residents have left their seasonal homes and, along with them, friends and family (potential buyers) that visit them during the winter months. Those that remain will most likley be leaving in the next couple of weeks. Typically, the next "wave" of buyers occurs shortly after the school season ends as families that are looking to relocate will normally do so while school is out. It will be very interesting to watch what happens to inventory levels (and home values) over the next 6 months until the wi9nter residents begin their annual "migration" once again.
Here are the latest numbers along with a few additional comments:
ACTIVE LISTINGS: 356, down from 367
NEW LISTINGS: 47, up from 40 The number of new listings entering the marketplace on a weekly basis has remianed in the 40 home range. If, in fact, this continues I would expect to see inventory levels of homes for sale in Maricopa Arizona begin to stabilize and actually increase. Although we exprience a surge in buying activity while the school year is out (mid May through mid August), it is not usually as strong as what we experience during the winter months. If new listings continue to enter the market at the expected pace, the resulting increase in inventory, coupled with the decrease in buyers, could drive home values down 10% or more in the short term.
ACTIVE SHORT SALES: 26, down from 33 This is the lowest level we have seen in quite some time and is most likley due to the decrease in inventory which is forcing buyers consider purchasing (and waiting for) short sales in order to find the type of home they desire. In addition, many of the listing agents list their short sales at under-market values in order to attract buyers. Although these homes may appear to be good bargains, more often than not the lender will not accept offers at these prices.
ACTIVE FORECLOSURES: 23, stable from 23 After dropping to this level a few weeks ago, this indicator has remained relatively stable. Lenders are still not in a hurry to release their built up inventory.
UCB (mostly short sales with offers on them): no change
PENDING: 274, stable from 275 Not much change since mid-March.
CLOSED: 53, up from 34 This increase reflects the typical "end of the month" rush of closings
ACTIVE RENTALS: 125, down from 142 This is the lowest level we have experienced in almost a year. Since the rate of homes rented has remained in the 100/month level for quite some time, this means that there is just slightly over one months of inventory available which is normally unheard of. THERE IS DEFINITELY AN INVESTMENT OPPORTUNITY HERE!!
RENTED: 47, up from 21 Another indicator that is always much higher at the month end due to leases that start on the 1st of the month.
View the full spreadsheet Maricopa AZ Housing Market Data