Maricopa Market Update - August 2008
The Maricopa real estate market continues to work through the foreclosure crisis. Supply continues to slowly decrease. Demand remains strong and near record levels for sales. Prices for the area are at level's not seen in years. The foreclosure market has quickly cut into an already declining market. Over the past few months prices have shown more stability. The most desirable foreclosure listings are selling quickly. Primary home buyers are still very sparce as most of the activity involves investors and second home buyer's at this time. Rental activity remains strong. On a positive note there are some signs of improvement. Supply levels dropping and are significantly lower than many other areas of the valley. On average homes have sold for 100% of the list price over the past month. The majority of sales in Maricopa remain foreclosures. Short Sales are increasing but still present issues often preventing a successful transaction. New home builders for the most part are still on hold. Sales of new homes remain at severely low levels. Builders simply can't afford to sell at the current foreclosure market rates. The best priced foreclosure listing are consistantly receiving multiple offers at this time. A significant amount of cash buyer's are also present. Current market conditions will not remain forever however the area still has a little ways to go to get through this very difficult time. With the high number of sales the situation may change sooner than many might think.
SearchMaricopa.com
| Maricopa | Aug-08 |
| Active Listings | 1149 |
| 1-Yr % Change | -11.48% |
| Sold Listings | 145 |
| 1-Yr % Change | 137.70% |
| Supply (Months) | 7.92 |
| Median Price | $142,000 |
| 1-Yr % Change | -25.22% |
| LP vs. SP | 100% |
| Days to Close | 65 |