Have Foreclosure Listings Peaked in Maricopa, AZ?
2008 will certainly be the year of the foreclosure sale for Maricopa, AZ. The market shifted from sales dominated by New Home Builders to a market dominated by Banks. Prices have seen a dramatic drop from the first of the year however sales activity is very strong for the area. March and April sales both where record shattering. Bargain priced foreclosures are dominating the market. At this time well price foreclosure's are consitantly receiving multiple offer within the first week they come on the market. Many are receiving offers the first day. Both investors and primary home buyers are currently active in the Maricopa market. The new home market has slowed significantly as builders appear to be waiting on the sidelines as banks slash prices. The regular resale market is struggling. Until the foreclosure deals are gone there is not much builders or sellers can do to compete with the banks.
How long will the foreclosure crisis last here in Maricopa? This is the million dollar question. Recent data is starting to hint that the worst may be over. Active listings have dropped to 860 well below the peak of a 1150 and significantly below the 920 level where it had been for about a month. Price indicators dropped significantly in April 2008 do in part to the high volume of Foreclosure Sales. On the ground the competition amongst buyer's is fierce for the best priced foreclosure listings. Homes of all sizes are being purchased. The high end of the market continues to lag. Some recent deals for large golf course homes have taken place. These homes in particular where some of the hardest hit in the down turn. Recently two models sold along the 18th hole for under $300K. These homes at their peak where valued in the high 500's. The deals are still available but expect more competition today. The volume of deals already appears to be subsiding. The bottom has likely already been reached here in Maricopa, AZ.
See Maricopa April 2008 Stats