August 15 – Let’s take a look at the Cromford® Market Index for the single-family markets in the 17 largest cities by dollar volume:
Mesa has consolidated its lead over Avondale at the top of the table and we have 10 cities showing improvement for sellers and 7 showing deterioration. The West Valley again dominates the cities going backwards, with Avondale, Glendale, Peoria and Buckeye in retreat. However Surprise and Goodyear continue to improve.
The Northeast Valley is doing much better than at the start of the year, with Paradise Valley, Fountain Hills and Scottsdale all up sharply over the last month. Only Cave Creek has retreated.
The Southeast Valley is looking particularly healthy for sellers with Mesa, Chandler, Gilbert, Tempe and Queen Creek all posting strong advances. However Maricopa is now weakening.
Phoenix itself has been moving quietly backwards for many weeks now but remains a seller’s market by a wide margin. Buckeye, adrift from the others at the bottom of the table, is looking like a balanced market with its exceptionally strong supply.
Looking at the month over month change:
- A green arrow trend favors sellers
- A red arrow trend favors buyers
- An index of 100 is ‘balanced’ in terms of supply and demand
- An index score of over 100 tends to favor sellers (demand exceeding supply)
- Conversely, an index score under 100 will favor buyers, as supply exceeds demand
As highlighted above, it is particularly noteworthy that the higher priced NE city markets of Scottsdale, Paradise Valley, Fountain Hills have shown significant improvement. But generally speaking these are good times for sellers, as even city markets that are trending down are for the most part still significantly biased to sellers (CMI well over 100).