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June 30, 2022 Market Update

Thursday, June 30, 2022   /   by Bryan Baylon

June 30, 2022 Market Update

Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities
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This is the third week in a row where the average monthly change in CMI was -35%. There is not much difference between 16 of the 17 cities, but Paradise Valley stands out as an exception. It has only lost 5% over the past month and has even seen no fall at all over the past 10 days. Among the smaller cities, Arizona City stands out - its CMI has been rising for the last 2 weeks with demand in this relatively inexpensive location staying unusually strong.

These 2 exceptions aside, the plunging demand and rising supply is having a dramatic effect on market balance. Buckeye will be a balanced market during the first 2 weeks of July with that balance looking like it will swing more towards buyers with every day that passes. Queen Creek and Maricopa are about 1 week behind Buckeye. We then have Cave Creek, Chandler, Gilbert, Peoria, Phoenix, Surprise and Tempe all in a similar condition. Their markets are cooling rapidly and look likely to move into the balance zoned within a matter of weeks rather than months.

Unless the current trends change, we could be in a buyer's market across much of Central Arizona by the beginning of September.

One brighter sign is that the number of new listings over the past 7 days is down from the extreme high of the week before. At some point the seller stampede may run out of new sellers. This is not happening yet, but at least the rate at which sellers are joining the stampede is slowing.

Market incites provided by the Cromford report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 17, 2024
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