January 8 Real Estate Market Update

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

The same 4 cities as last week are showing red, and the same 13 cities are seeing their Cromford Market Index increase since December 4. However, there has been an average increase of 6.0% in the Cromford® Market Index for the 17 cities, significantly more positive than the 2.0% increase we recorded last week. The means the trend in favor of sellers is starting to accelerate.

Fountain Hills, Surprise, Glendale, Queen Creek and Gilbert are seeing the biggest improvement of 11% or more.

9 out of 17 cities are now seller's markets. We have 4 cities that are balanced and 4 that are buyer's markets. Maricopa is still trailing but it starting a recovering trend having hit a low of 63.7 on December 25.

The very mild optimism that was the order of the day in December is starting to look well-justified. We recommend mild to moderate optimism for the month of January, at least as far as market balance is concerned. Transaction volumes remain subdued but are more likely to recover if the market balance stays favorable to sellers..