Mar
25
Maricopa – Market Gains Strength
Posted by jdgroves under For Buyers, For Sellers, Maricopa, Regional News
OK, so we have not seen prices change as yet, but if the recent trend continues there is no place for prices to to go but up. It really is all about supply and demand. In this particular case supply is dropping. One year ago, March 2010, we had 913 listings on the market in Maricopa. That number grew as tax credits expired. and as recently as Dec 2010 we had over 1000 active listings in Maricopa. That number is now just over 700, for better than a 30% drop in inventory in just 3 months. Based on the rate at which properties are being purchase that means there is just over a 3 month supply of homes. That my friends by any definition is a sellers market.
Of course it is a bit too early to tell if this trend will continue. We have been advising clients for some time now that the sale we have been having is getting pretty long in the tooth. When the new supply of weak hands (short sellers, and foreclosures) begins to drop there will be nowhere for prices to go but up. Yes, today one can still purchase a great home in Maricopa for the cost of the materials that were used to build it just a few years back. We are just not sure how long this will remain the case.
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