Phoenix area real estate market no longer playing favorites

Phoenix Area Real EstatePhoenix area real estate market balances

We’ve been feeling the shift for a few months but now it’s official as Cromford Reports the following:

This is as balanced as it gets- the Cromford Market Index™ stands at 100.1 with both the Cromford Supply Index™ and Cromford Demand Index™ standing at a very subdued 81.8. Balance like this has been very rare over the past 10 years.

Sellers have noticed a sharp drop in the number of showings they’ve had on their homes and many are reducing their list prices to entice buyers to write an offer.  o one likes a real estate market that favors buyers or sellers (unless of course you happen to be a buyer or a seller when the market favors you!)

October saw the least amount of buyer activity in some time, however, over the last couple weeks we have noticed a bit more buyer activity so maybe…just maybe…we are starting to level out.

Here are the latest Cromford Market Index™ (CMI* See definition at the bottom of this report) values which shows declining demand for the single family home markets in various cities, and in parentheses a comparison with the previous month. The higher the CMI  illustrates higher buyer demand with an index of 100 representing a balanced market.  We anticipate more markets in the “favoring sellers” category to move into the balanced market within the next few weeks.

Markets that are favoring sellers~

Sun Lakes – 166.6 (237.6)
Sun City West – 153.1 (188.9)
Arizona City – 145.2 (166.7)
Sun City – 116.5 (158.4)
El Mirage – 109.6 (116.5)
Cave Creek – 109.3 (124.0)
Paradise Valley – 108.1 (137.4)
Glendale 107.6 (129.9)
Chandler 106.3 (115.2)
Apache Junction – 104.9 (124.3)
Scottsdale 104.2 (131.1)
Avondale – 104.0 (132.4)

Balanced Market – Buyers and Sellers on an even playing field

Phoenix – 100.4 (120.9)

Markets that are favoring Buyers

Mesa – 98.8 (121.0)
Goodyear – 96.9 (126.7)
Peoria – 95.8 (121.1)
Gilbert – 95.1 (110.8)
Anthem – 91.6 (99.9)
Litchfield Park – 88.6 (114.2)
Laveen – 87.3 (113.3)
Surprise – 85.7 (110.1)
Tolleson – 86.1 (91.4)
Fountain Hills – 81.7 (119.0)
Gold Canyon – 79.9 (95.2)
Buckeye – 78.3 (93.1)
Tempe – 74.9 (94.7)
Casa Grande – 67.9 (84.8)
Queen Creek – 66.2 (87.5) – includes San Tan Valley unincorporated area
Maricopa – 53.9 (67.5)

*Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer’s market, while values above 100 indicate a seller’s market. A value of 100 indicates a balanced market.

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.