Demand for Foreclosures Drives Maricopa Sales to Record Highs!
Maricopa saw a record 150 sales in May 2008. Foreclosures continue to dominate the market attributing to 60% of Maricopa sales in May. New home sales picked up slightly but are well below their 2007 levels. The resale market remains extremely slow accounting for only 10% sales. Despite all the buzz, Short-Sales remain extremely slow. There are many listed yet only 5% of all Maricopa May sales where Short-Sales. Inventory is also on the decline. As of June 1, 2008 Maricopa has 827 active MLS listings. This is far below the peak of approximately 1150 active listings. Active listing, have dropped steadily throughout 2008. This is certainly a positive sign for the Maricopa market. The downside is that current homeowners are facing very difficult challenges selling. Many are upside down with their mortgages unfortunately adding to the short sale and ultimately foreclosure listings. With some luck the sales pace will continue and the Foreclosure crisis will be a 2008 story and not a story for 2009.
Maricopa May 2008 Market Stats