May 15 Real Estate Market Update

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

For the fifth week running, we have 17 of the 17 cities showing improvement for sellers over the past month. The improvement in the market for sellers is really accelerating now, with the average CMI increasing 17.8% over the past month, up from 16.1% last week.

Most improved are Paradise Valley (up 37%) and Temp (up 33%). Not far behind are Buckeye, Cave Creek, Glendale, Avondale and Queen Creek.

Improvements for sellers are relatively modest in Surprise, Chandler and Scottsdale.

We now have 6 cities over 200, meaning that multiple bid situations will getting more commonplace.

14 cities are in seller's markets, 2 are balanced and only 1 is a weak buyer's market. Buckeye look like it will only be a buyer's market for a few more days.

To find a location that is still strongly favorable to buyers, we need to look at the secondary cities. There we find Casa Grande. The CMI in Casa Grande is low (71.8) and is still dropping, albeit slowly. It is by far the weakest market in Central Arizona.