Maricopa County, Arizona Shadow Inventory is lower than much of the U.S.

 

A lot has been written about the “shadow inventory” and there a many theories about what it is and where it can be found. Mortgage lenders are aware of who are not paying their house payment or are chronically late or struggling to make their payment on time and more likely to go into default on their home loan, if they haven’t done so already. The map below shows where the shadow inventory can be found. Fortunately Maricopa County in Arizona has very little “shadow inventory” of distressed properties.

 Nationwide County Diagram of Shadow Inventory showing months of supply

While I don’t always understand why lenders continue to discount the listings they are putting on the market when we have so much buyer demand. They are successful at getting troubled properties off the books and sold to new buyers who can afford to own a home. (If you can’t identify Maricopa County, just look for the real light color in the Arizona Map. Pinal County has a slightly more significant issue with 36 – 48 months supply.)

 

The chart below shows the # of ACTIVE listings, # of CLOSED transactions, Months of Inventory (with 6 months of inventory being a balanced market) and the percentage of the total # of closed transactions that were Lender Owned or Short Sale Closed listings.

 

Single Family Detached Homes

Listings 12/1/11

Closed  during November 2011

Months of Inventory

Distressed as a % of Closed

Phoenix MLS listings

15194

6085

2.5

62

Phoenix homes for sale

2727

1557

1.75

67

Chandler homes for sale AZ

647

324

2.0

60

Gilbert homes AZ

653

385

1.7

59

Houses for Sale Mesa AZ

1031

564

1.8

63

Scottsdale condos for sale

1780

325

5.5

39

Tempe AZ homes for sale

197

100

2

49

 

There has never been a better time to be in the market for a new home for sale in Chandler, Gilbert, Mesa, Ahwatukee, Phoenix, Tempe and Scottsdale! Loan rates are unbelievably low and prices are back to where they were at the beginning of the last decade.

 

First time home buyers can own for less than they are paying in rent and move up buyers can get into a beautiful home in a great neighborhood that would not have been even remotely possible just 5 years ago.

 

Contact me to schedule an appointment so you can take advantage of unbelievably low mortgage rates and bargain home prices.