Maricopa Real Estate Market Supply Leveling After Dramatic Drop!
The Maricopa real estate market continues to work through a difficult year. Prices have dropped by approximately 30% over the past year. Fortunately the market supply has also dropped dramatically. January 2008 the estimated supply for Maricopa was 20.9 months. Estimated supply dropped to 11.96 in March of 2008 and then steadily decreased to a low of 7.87 months in June 2008. July the estimated supply jumped slightly to 8.22 months. August 2008 estimated supply dropped to 7.92 months for the City of Maricopa. The main reason for the drop in supply has been the increase in sales. The majority of these sales are attributed to the Foreclosure market. January and February saw massive price drops leading to record breaking sales activity starting in March of 2008 with 104 sales. Prior to this time Maricopa had never broken 90 sales in a month. Sales are now leveling after peaking in June 2008 at 156. August 2008 recorded 145 up 2 from July 2008. Sales activity traditionally begins to decrease as we move closer to the fall. Nothing has been normal for quite a while in the Maricopa Real Estate market. In 2007 December actually had the most sales of all the months at 80. Second home buyer activity as well as investor activity has been strong so the drop off may not be a much as usual. We will see if sales remain strong throughout the fall. If so supply should continue to improve quickly.
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