December 1 Real Estate Market Update

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

There was an average decline of 13.1% in the Cromford® Market Index for the 17 cities above. This is an improvement over the 15.2% decline we saw last week, and a more substantial improvement than last week.

The majority of cities were worse than average, including Paradise Valley, Cave Creek, Glendale, Phoenix, Surprise, Mesa, Peoria, Maricopa, Queen Creek and Avondale.

Once again, Goodyear stands out as the only major city that saw its CMI improve over the last month. and it has almost escaped its buyer's market and resumed a balanced status. Also doing relatively well are Chandler, Fountain Hills and Tempe. Scottsdale and Buckeye have improved over the last week

9 out of 17 cities are still sellers markets with Paradise Valley and Peoria in the balanced zone while Cave Creek, Surprise, Buckeye, Goodyear, Queen Creek and Maricopa are all buyers' markets. Maricopa, Queen Creek and Buckeye have dropped below 70, so buyers have a strong advantage in these locations. The situation for sellers is worse because there is so much competition from new home builders in these areas.

We are seeing gradual improvement in the demand trend, and supply has finally stopped increasing in most areas, which is what we expect to see once Thanksgiving is over..