Mar 11 2016 Market Update

Mar 11 2016 Market Update

When we look at the change in the Cromford® Market Index over the last month for the single family markets in the largest 17 cities we still see unfavorable trends for sellers:

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There are far more(13) cities that have deteriorated since February 10 than have improved (4). However the table is more positive than last week.

The worst changes over the past month from a seller's perspective are:

  1. Paradise valley (down 15%)

  2. Tempe (down 14%)

  3. Chandler (down 8%)

These 3 cities have suffered from an excessive rise in active listings giving buyers more choice and so weakening sellers' negotiating power. However Tempe and Chandler remain in the seller's market zone with a CMI over 110 whereas Paradise Valley is well below 90 signifying a buyer's market. In this it joins Buckeye and Maricopa, although the situation in Maricopa has started to improve in the last 6 weeks.

Fountain Hills and Scottsdale are also weakening for sellers, but cities that have predominantly mid-range homes, such as Mesa, Peoria and Gilbert are showing positive movements for sellers.

We forecast that next week we see some more improvement in the overall picture now that the flood of new listings is starting to ease off and demand is picking up with the spring season in full swing.

Dave Zajdzinski Headshot
Phone: 480-332-6468
Dated: March 11th 2016
Views: 259
About Dave: ...

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