Maricopa, AZ

Great news for Maricopa in Pinal County Arizona! This community sprouted up almost overnight going from a population of 1,500 in 2002 to more than 35,000 by 2007!

Maricopa was considered the poster child for our housing crisis due to an epidemic of foreclosures as our real estate market crashed unceremoniously into the ground.

How quickly things change...Here we are, mid 2009 and this doomed community is rebounding at the speed of light! Now, Maricopa has rebound as a great place to find affordable housing for entry level, first time or even step up home buyers.

Approximately 1,000 homes have sold in Maricopa the first quarter of this year depleting surplus housing and converting this short lived ghost town community to the new gold rush town it was just a few years ago!

www.centralphoenixinvestorhomes.com

The Maricopa real estate market continues to work through a large volume of Foreclosure inventory. There are 375 active foreclosure listings as of 12/20/2008. This is well above the 130 to 180 we experienced throughout most of 2008. Banks appear to be aggressively trying to unload inventory at this time. Price declines continue however at a much slower pace. MLS data for December is actually showing a rise in the Median Price from November. The most positive indicator at this time is the Sales volume. Despite absolutely terrible lending conditions for investors in particular sales volume is very strong compared to activity from previous years.

Primary Home Buyers are very hesitant at this time likely an effect of the dismal US Economy and the weak and insecure job market. Affordability and access to quality loans for Primary Home Buyers is not the issue. A recent study indicates that affordability for the Phoenix-Metro area has increased to 72% compared to only 27% a few years ago. FHA loans, which require a low down payment (3% increasing to 3.5% soon), are readily available for Primary home buyers with credit scores as low as 580. 100% financing is also still available through the USDA Rural Development program. This program has been around since 1991 but its use is absolutely sky rocketing at this time. This government backed program offers great options for primary home buyers. Qualifications are also very reasonable. Primary home buyers with steady income and a credit score above 620 are likely to qualify. Individuals with credit scores as low as 580 may also qualify depending on the overall financial situation of the individual. Maricopa is one of several areas of the Valley that qualifies for this program.

The Maricopa real estate market will continue to be dominated by foreclosure listings and sales for at least several months to come. It is hard to imagine that the market conditions could get any worse than we have seen in 2008. The market is already showing signs of improvement with the high volume of sales despite terrible market conditions. The million dollar question is how many more foreclosures are coming in 2009? If the wave subsides and sales remain strong we could see a major shift in the market. Foreclosures and Short Sales are the majority of the active inventory. There are less than 100 Active listings on the market that are "Regular Resales". The other primary source of listings Builders are trying to survive and simply can't afford to sell at current market prices and make a profit. It will likely take at least several years before builders aggressively build in Maricopa again. Many have already sold off land in subdivisions already in progress. It is very logical that the dynamic could shift rapidly from too many homes and not enough buyers to too many buyers and not enough homes. Maricopa has seen pretty incredible things in its brief history. Wild swings are more the normal than the abnormal in the Maricopa real estate market.

www.SearchMaricopa.com

I previewed a home in Maricopa, Az. for a potential client yesterday. 3000 sq feet with a nice large yard and in great condition. Maricopa has been hit hard by the falling market and there are some great buys out there for the home buyer that is looking for a newer home in a growing community with new schools and shopping on the way. Contact me and I will be happy to show you properties in the area

If you are looking for golf in the Town of Maricopa you are in luck. There are two very good courses. The Duke at Rancho El Dorado is a well maintained Resort course located in a home subdivision. If you want something diferent There is Southern Dunes. formerly a private club that has recently changed ownership and is now semi-private. It is a tough course and I recommend it for the better players out there.
Tim

Over the past few weeks Maricopa has seen a wave of new foreclosure listings. In mid October there where approximately 170 active Bank Owned Properties and now today we have 308 active listings. Sales volume has been strong since March 2008 and was at record levels in September 2008 (174 Sales). October recorded 154 sales which was the 3^rd strongest month for sales in Maricopa this year. Mid November data shows a slow down in both sales (48) and pending sales (201). The slow down is typical for this time of year and to put it in perspective this November will have the highest number of sales in Maricopa for any November on record. The primary issue remains the massive amount of foreclosure and short sale listings. The combination of the seasonal slow down and wave of new foreclosure listing has increased the estimated supply to 14.02 months. Octobers estimated supply was 8.51 month in Maricopa.