Market Update:  February 20, 2012

Active listings fell over the last week to 179 from 205 just one week ago. 38 homes closed escrow last week. Since February 1^st homes have closed escrow at an average price of $53.85 a square foot. Today the homes are listed at $62.12 average price square foot. There are 19 Lender Owned and HUD homes listed Active and 32 Short Sale listings. The supply of homes has clearly dropped and is still declining while prices are increasing steadily. As the resale home market dimities and demand stays consistent, more buyers are looking to explore the new home market.  The prices for new homes have stayed competitive as the resale prices have increased. We have builders in Maricopa that are currently building new homes and some have spec homes ready for move in. When you build a new home you have the privilege of picking what you want to go into the home. Although it does take several months for the home to be built, it gives you the home that you want not someone else’s choices. It is a great idea to go with a realtor the first time you visit one of the sales offices. People do not realize that when they purchase a new home without a realtor they have no representation and leave themselves open for issues. The advice and counsel of a good realtor can answer questions as well as bring up questions that most people never think of when purchasing a new build home. They think that the builder will give them all the information. Sometimes the client does not know what they don’t know.  It is a good idea to make sure you have the representation you deserve. If you are thinking about buying a home NOW is the time. If you are thinking of selling this is a great time to find out what your home is worth. Please contact me today, I can help.

 

Market Update:  February 6, 2012

There are 218 Active listings on the market which is the lowest number we have seen so far this year. Bank Owned/HUD listings have fallen to 22 Active listings and Short Sale Active listings have fallen to 42. Pending listings are up from 236 last week to 257.

A look back at 2011 will help to put this into perspective.
In January of 2011 there were over 900 homes on the market and by mid-summer last year we had dropped to just over 200 homes on the market and as of today there are 218 Active homes on the market.  Bank Owned homes went from over 120 listings down to 22 as of today and the Short Sale homes listings went from almost 200 to 42 as of today. Last year we saw home prices as low as $40.00 a square foot, today the average listed price per square foot is $61.29.The coveted homes under 100K which were once plentiful are dwindling. Buyers can now expect to see multiple offers on homes and accepted offers can exceed the listed sale price.

With this information in mind, if you have been thinking about buying this is a great time to make that move. If you are thinking about selling please feel free to contact me for a free in home consultation.

 

 

Market Update:  January 27, 2012

There is a new excitement in Maricopa, commercial construction is going on all over the city.

 The Family Entertainment Center which includes movie theaters, a bowling alley, arcade, laser tag and restaurants is scheduled to open late this year, located on John Wayne Parkway near Harrah’s.

 The Banner Health Center is well underway and on schedule to open this summer, located on Allen Stevens and Porter.

 Central Arizona Community College has broken ground and is scheduled to open early 2013. This campus is located off of White and Parker and Bowlin Rd.

 There is a new market which replaces the old Vekol Market on Farrell Rd. off John Wayne Parkway, opening March 1^st.

 The city of Maricopa is moving forward with their new City Hall Complex which is located off of White and Parker near Bowlin.

 A Premium Outlet Mall which will be selling high end merchandise is scheduled to open in March 2013, located off the I-10 near Wild Horse Pass.

 Intel is moving forward with construction of the new state of the art facility located in Chandler, just 30 minutes from Maricopa.

Along with all this new construction housing prices are inching upward. In January we had anywhere from 231 to 255 homes listed Active in the MLS this is less than one third of what we had in January of 2011. We are seeing bank owned and short sale homes diminsh and the conventional sale homes now dominate the market for the first time since 2007. More and more articles are stating confidence that the housing market will turn the corner in 2012. The Phoenix area has been in the national news stating how our housing market is seeing improvement.  The numbers are looking more positive every month.  If you are thinking of selling or know of anyone who is please contact me for a free in home consultation and evaluation.

 

Market Update:  January 2, 2012

Happy New Year, 2012 has arrived. This year starts off in a very different place than 2011.

2011 Year in review.
Last year we had 900+ Active listings in January this year we start off with 200+ Active listings.
The average home sold price per square foot of $43.70 was dictated by the volume of homes sold before June of 2011. In the first 5 months of 2011 the inventory of homes on the market dropped by more than half. Over the summer the number of Active homes on the market had dropped drastically and thus supply and demand kicked in and home prices inched up. By July we started to see price per square foot hit the $50.00 mark. Since August it has been a steady tick upward and now sits around $60.00 a square foot. We are sitting at 26% the amount of homes on the market than we were at this time last year.

Looking ahead to 2012.
Starting off the year we have more what I like to call (straight sale) homes for sale, meaning they are not distressed properties just homes for sale. Bank Owned homes are down to 27 listings and Short Sales homes are down to 53 listings. Less distressed homes for sale and more regular homes for sale is a great way to start the New Year.

There will be new opportunities this year as the Banner Health Center opens this summer, the Family Entertainment Center opens this fall and CAC will be well on its way to open early 2013. This will bring a welcome change to Maricopa in opportunity and business. We are looking forward to an exciting year.

 

Market Update:  December 18, 2011

The housing market in Maricopa has been holding consistent since the summer season. Active listings this week are at 231, and running at $60.48 a square foot. There are 27 Active Lender Owned and HUD homes listed, 54 Active Short Sale listings, 203 AWC Short Sale listings and 255 Pending listings. The inventory of homes has not risen this last fall like it has in so many of the years past. This is a good sign that our market is headed for recovery. There are still short sales and bank owned homes to sift through but all signs are pointing toward improvement.

This was an exciting week in Maricopa as the ground breaking for the Central Arizona College (CAC) took place on Friday Dec. 16, 2011. This beautiful campus will open early 2013. What a huge step forward this is for our community. The next 2 years will bring Banner Health Center, CAC, and a Family Entertainment Center to Maricopa. These are a welcome addition to the residents of this great community. Call or email me today to be a part of the excitement.

 

Market Update:  November 28, 2011

Active listings down from 244 last week to 231 this week. There are 241 Pending listings, 32 Lender Owned and HUD Active listings, and 43 Short Sale listings with 311 AWC Short Sale listings. The average listed price per square foot is up to $62.62. The number of Active homes on the market has been constant since August.

The inventory of homes usually rises at this time of year but the demand has held steady so we are not seeing the rise of years past. January is always a big month for the winter visitors to descend on Maricopa. They come to purchase that winter home under the Arizona sun.  Since the inventory is lower this year, it could create a higher demand which in turn would push prices upward. As the market changes and there are less distressed properties to choose from, like Bank Owned and Short Sales, and more Straight Sale homes on the market the home prices are headed upward. With this in mind if you are thinking about buying or selling a home this is a great time to move forward. Please give me a call or email today.

 Market Update:  November 14, 2011

Active listings have stayed consistent at 230, Pending listings have held at 244, and 29 homes closed escrow last week. There are 36 Bank and HUD owned homes listed active and 46 Short Sales.

For those thinking about buying a home but are reluctant because of past credit issues here are some things to consider.
Check your credit report and find out what your credit score is. Also check your report for any errors and take steps to correct those. Once you have that information then you can create a plan to move forward toward your goals. The magic number of a 740 credit score or higher will give you the best interest rate but some lenders will consider a credit score as low as 640 at a higher interest rate.
To raise your score: pay all your bills on time, pay off credit cards, keep your job, create a savings account no matter how small just get started and commit to adding to it monthly.

If you have a short sale or bankruptcy in your history and you have been building your credit for at least 2 years some banks may give you a loan. A foreclosure can take 3-5 years before you can get a loan. It will not cost you anything to find out where you stand by talking to a qualified mortgage broker you can usually find out within hours whether you can qualify for a loan and if so how much you can qualify for. It will put you on the road to home ownership. Call or email me today and I can connect you to a qualified mortgage broker.

Market Update:  October 31, 2011

Active listings fell once again this week down to 228 homes on the market. That is the lowest number of homes on the market this year. Bank Owned and HUD homes down to 39 listings, Short Sales Active listings down to 36, while Straight Sale Active listings are up to 156. We still have distressed properties on the market but the numbers are clearly declining. Prices are increasing slightly in response to the supply of homes compared to the demand. Prices are predicted to stay flat over the next year so it still gives buyers the opportunity to get a great deal. If you are an investor it is a great time to snatch up homes at a discount price. If you are interested in buying or selling a home please give me a call or email today. Now is the time.

 

Market Update:  October 24, 2011

Active listings have dropped again for the 3^rd week in a row, they now stand at 233. Pending listings are up at 257, Bank Owned and HUD are slightly down at 41 Active listings and there are 48 Active Short Sale listings while the AWC Short Sales listings are up to 208. (This means that these listings have an offer submitted to the bank and they are accepting back up offers.) Straight Sales have also decreased slightly to 132. The price per square foot is up to $58.76 from $57.39 last week. 

Nationally a recent survey done by Colliers International stated that 8 out of 10 investors are making moves to shore up their portfolios with real estate even as talk of a double-dip recession persists. According to the survey investors agree that the time to buy is now and they are optimistic that their investments will bring anywhere from a 5% to 32% return in the future. Warren Dahlstrom, president of Colliers International’s U.S. Investment Services Group, said in a statement that “most U.S. investors say they are moving further out on the risk curve relative to six months ago.”

 

Market Update:  October 17, 2011

Active listings dropped slightly this week to 256, while Pending close of escrow listings have held at 248. There are 44 Bank owned listings, 60 Short Sale listings and 138 Straight Sale listings. The Bank Owned listings have been dropping this year and according to the Comford Report, “the age of the REO is in decline”. We are seeing multiple offers and pricing increases as the inventory of Bank Owned homes declines.  Short Sales are still an intricate part of this market, and are still an option for buyers who have the time and patience to wait them out. If you can get an offer in the first position you have a fighting chance to attain that home. There is a definite rise in the Straight Sale listings. Some of these are investors flipping homes and some are homeowners that did not buy in the height of the market just wanting to sell their home. Whatever the reason it is a welcome sign. With the fall of Bank Owned listings and the rise of Straight Sale listings it marks a change in the market inching toward a more stability.

 

Market Update:  October 10, 2011 

Active listings have risen to 271 this week. This is the largest rise in several months. Homes pending close of escrow have dropped to 246 while Bank Owned homes have risen slightly to 47. There are more Short Sales listed as AWC which means that they have at least one offer submitted to the bank. The average home price in Maricopa is now $125,256 and the price per square foot is now at $55.75.  The upward tilt of prices is a welcome change compared to what we have seen over the last year but it does not make it a trend at this point. FHA lowered their maximum loan amount from $346,250 down to $271,050 at the beginning of Oct. which narrows the choices for some home buyers looking to finance a mortgage. With home prices inching up this could be an obstacle for some buyers. Mortgage rates have dropped as low as 3.75% for a 30 year fixed, if the buyer has a credit score of 720 and above. With rates this low even if a buyer has a lower credit score there are still programs available at interest rates in a reasonable range.  This market continues to be a great time to buy. Please give me a call today to discuss your options.

 

Market Update: September 26, 2011

Home prices are rising in Maricopa. In the last 3 weeks the price per square foot has risen from $53.83 to $58.26 and the average home price has risen from $119,553 to $135, 579 that is up over $16,000. Active listings are still somewhat steady at 247 up from 236. Pending listings also up slightly from 275 to 286.  The demand for buying homes hasbeen up this year and the supply of homes on the market has now decreased to a 7 week supply. Over the last couple of months the supply of active homes on the market has held steady in the 200+ range, which in turn is now driving prices up, not drastically up as we have seen in years past but just a 1.08% increase in the last 3 weeks is a welcome site for home owners.  This still gives buyers a great buy at less than $60.00 a square foot. If you are in the market to buy now is the time.

 

Market Update: September 12, 2011

Not much change in the Maricopa Housing Market this week with Active listings at 234. The average home price is $120,860, with the average square foot of 2298 and the average square foot price is at $53.77. Lender Owned and HUD listings are at 35 and Short Sale listings are at 81. AWC listings are at 188 this week. AWC stands for Active with Contingency, this means that this is a short sale listing that has at least one offer submitted to the bank and they are still accepting back up offers. In this case if you are the first offer to be submitted to the bank, called the first position, you have a much better chance of purchasing the home verses being in the second or even third position. You also have to keep in mind that only about 50% of Short Sale listings actually close. The straight sales and 55+ have also held at 122 listings. The Pending Sales are at 273, which is more than the Active listings at 234. If this trend continues it will drive prices up slowly but this is the season when the inventory of homes usually starts to rise over the fall making the fall a great time to buy before all the winter visitors arrive. So if you are thinking about purchasing a home, a second home or an investment home now is the time, give me call or email today to see what Maricopa has to offer.

 

Market Update: September 5, 2011

This week we have 236 Active home listings and of those 27 are Bank Owned/HUD and 87 are Short Sale listings. The average square foot size is 2273, the average price per square foot is $53.83 and the average home price listed is $119,553. There are 275 Pending sales and 1870 sales to date this year.  The number of Active listings has stayed consistent now since July around the 230 mark. Home prices are rising slightly because the amount of homes on the market has stayed low. Until the Bank Owned and Short Sales have been absorbed the market will not get the increases needed to resemble a normal market so for now we have a new normal.  Bank Owned listings have been dropping constantly which is good news but there is no way of knowing how much shadow inventory is yet to come.  Prices are still low and with Banner Health and CAC on the horizon Maricopa still stands as a great buy for anyone looking to buy a home, investment home, or second home.

Market Update: August 28, 2011  

In the month of August Active listings held steady from 230 to 235 while Pending listings have risen from 158 to 280. Lender Owned and HUD listings have decreased from 55 to 38, and Short Sales started the month with 77 Active listings shot up in the middle of the month to 150 ended back at 77 Active listings. It is a welcome sight to see Active Straight Sale listings at 122 this week. The average square foot price is $53.61 and the average home price is $116,566. This is such a different scenario than the beginning of the year when we had 900 plus homes listed for sale. The inventory available now is less than 1/3 that it was in January.  We are seeing multiple offers on homes and the homes are moving more quickly and the prices are inching up.  Since this is usually the season when inventory starts to rise we will see how this will affect the prices and availability.  It is still a great time to buy as Maricopa offers newer homes at low prices in a forward thinking community.