April 3 Real Estate Market Update

Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities

(Less than 80 is a Buyer's Market, 80-120 is a Balanced Market, over 120 is a Seller's Market)

The market continues to improve for sellers with the average CMI up 9.0% over the last month. The improvement is slowly decelerating, having been 9.4% last week.

Still looking very strong are Gilbert and Chandler . These are both up over 20% from 4 weeks ago. Chandler's inventory is very low compared with normal and buyers must be frustrated to have so little to choose from.

Still doing relatively poorly are Paradise Valley and Tempe. However Paradise Valley has strengthened over the past few days and Temp has been improving for almost 2 weeks now.

We have 13 cities that are seller's market, 1 balanced and 3 buyer's markets. Among the 12 secondary cities, not shown in the table, we have 7 seller's markets (Anthem, Apache Junction, Arizona City, El Mirage, Gold Canyon, Laveen and Tolleson) while two (Sun City and Sun Lakes) are balanced and Sun City West, Litchfield Park and Casa Grande are buyer's markets.

Casa Grande is relatively weak, in a similar situation to Maricopa, with lots of new built supply and demand much lower than a year ago