Maricopa - Market Update - February 2008

The Maricopa real estate market for the second consecutive month was dominated by foreclosure sales. Short Sales have also gained in strength making up 10% of the MLS sales in Maricopa for February 2008. New Home Builders dominated MLS sales in 2007 which liquidated much of the standing inventory. Builders have held prices steady in 2008 and have settled for fewer sales. Still New Homes Sales account for more than a 1/3 of Maricopa MLS Sales in February. Regular Re-sales have been extremely slow for more than 8-months.

Investors are very active targeting the Foreclosure markets best deals. Many of the lowest priced homes are receiving multiple offers. Price indicators showed improvement from January. It is too early to tell but the current increase activity and a stabilization of prices in the foreclosure market are signs the market may be at its bottom. Supply is slowly improving however more foreclosures are expected in the coming months.

The direction of the Maricopa market appears to be finally heading in a positive direction. The unknown factor at this point is the level of demand from primary home buyers. I expect investors to remain active as there are still many deals in the market. Primary home buyers tend to be more skeptical and will wait until prices show an obvious upward trend. Population growth is still strong in Maricopa. Lending for primary home buyers especially at Maricopa prices is still readily available for those who can go "Full Doc". Investors themselves are being limited do to tightened lending standards. If these standards improve Maricopa could once again see a Buyer frenzy.

Click Here to view Maricopa February 2008 Market Stats