Market Snaphot for Maricopa Arizona - 21APR

By
Real Estate Sales Representative with Wizards of Waz Real Estate

Inventory of subdivision homes for sale in Maricopa Arizona has increased very slightly but is still hovering around it's all time lows. All of the key indicators have remained pretty steady but this could change soon as the seasonal buyers are in the process of Migrating back home. I estimate that about half have left already with the other half leaving by mid-May. There are plenty of rumors /news feeds that seem to indicate that the lenders will begin to release their "shadow" inventory of foreclosed homes. If that happens, coupled with the absence of most seasonal buyers, inventory should begin to increase.

As it stands now, homes are still very difficult to come by especially at a price that will meet appraisal. It is almost impossible to find homes for under $80,000. Although it remains a Sellers Market, this could shift a bit in the coming months.

ACTIVE: 144, up from 139

SHORT SALES: 18, up from 18

FORECLOSURES: 13, stable from 12

HUD Homes: 9, up from 4 After a long period of inactivity, here has been a resurgence of HUD homes recently. As a rule, they tend to be priced about 10% below market value and receive multiple offers during the 10 day intial bidding period. For those not familiar with them, they are reserved for owner occupants only for the first 30 days and none are lasting past the intial 10 period. If this continues, it could help the inventory problem as there were over 30 of these homes available around the first of the year.

AWC (short sales with offer): 220, stable from 223

PENDING: 291, down from 306

CLOSED: 44, up from 32 This the the strongest week we have seen for closings in quite some time (except, of course, for the end of the month weeks).

RENTALS: 113, up from 108

RENTALS CLOSED: 22, stable from 22 This number has remained very strong and steady this year.

 

View the full report Monthly home data

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Bill "Waz" Wasowicz

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