Feb 21st Market update

Here is our latest table of Cromford® Market Index values for the single-family markets in the 18 largest cities ~The number of cities moving in a direction favorable to buyers has dropped slightly from 16 to 15 since last week. We now have 3 cities moving in favor of sellers.

The average CMI is down 6.2%, which is only slightly more than the -6.0% movement that we saw last week. The trend in favor of buyers is still strong but has stopped accelerating.

Avondale and Paradise Valley, both at 5%, had the best move in favor of sellers, while Cave Creek was up 2%. Fountain Hills, Goodyear, Buckeye, Scottsdale and Maricopa have moved in favor of buyers with a double digit percentage. Gilbert has joined Chandler at the top of the table even though it declined. Compared with the outer edges of the valley, homes in Gilbert and Chandler have relatively few new-builds to compete with so supply is far more limited than, say, Maricopa, Buckeye, Surprise, Queen Creek, Goodyear and San Tan Valley.

We have 10 cities in a sellers market, which is actually a majority, while 2 are in a balanced market and 6 are buyer's market.