A nice rainy day to delve into the latest stats on the ever-changing Phoenix housing market! The Cromford Report offers Central Phoenix Realtors a unique perspective into the current and future direction of the market, which allows us to provide valuable cutting edge metrics to our home sellers.
Utilizing data from the Cromford Report, we seek to answer questions including:
- How does today’s market compare with the same time last year?
- Which price range is selling fastest over the last month?
- Which is the cheapest area to buy a resale home?
- How long is it taking to sell a home in my ZIP code?
- What is the balance of supply and demand for resale homes in my city?
- What proportion of homes for sale are short sales or pre-foreclosures?
- Where are prices changing fastest?
- What percentage of listings are finding a buyer before they are canceled or expire?
- Are today’s list prices realistic compared with achieved sales prices?
The real story remains inventory…demand has slowed from the past month, but the lack of inventory is continuing to produce a competitive market which requires that buyers and sellers (and their agents) move more quickly than we’ve ever seen before.
106K+ in sales for the rolling 12 months is the most I can remember. Twelve of the largest cities in the Valley have Cromford indexes above 500, just crazy.
Thanks to John Angelo at North&Co. for his analysis!