Mar 22 2016 Market Update

Mar 22 2016 Market Update

The Cromford® Market Index hit a short term low on March 8 at 125.6 and has since gently risen to 126.7 telling us that the market has improved slightly for sellers in the last 2 weeks. The Cromford® Supply Index is still rising - it went from 80.2 to 81.1 during the same period - but we at last detect some serious signs of improving demand. The Cromford® Demand Index has risen from 100.8 to 102.8, its most significant move in 10 months.

Contributing to the increased demand we see:

  1. The monthly closed sales rate up from 6,034 to 6,866 in 12 days

  2. The number of pending listings up from 7,729 to 8,044

  3. The number of UCB & CCBS listings up from 4,778 to 5,008

These bode well for the rest of the spring buying season.

The number of normal UCB & CCBS listings has hit an all time record today at 4.376. We expect higher records to come. To illustrate the distorting effect of internet marketing sites on the UCB counts we note that this number was 2,282 two years ago, 814 four years ago and just 435 six years ago. By our calculations at least 65% of the UCB listings today would have been classified as Pending based on the customary habits of agents in 2010, prior to the impact of Zillow etc.

Dave Zajdzinski Headshot
Phone: 480-332-6468
Dated: March 22nd 2016
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