Thursday, March 3, 2022 / by Bryan Baylon
Over the last month, 12 of the 17 cities have improved for sellers. The average change in the CMI over the past month is 3.7%, down from 6.0% last week.
5 cities have moved in favor of buyers. Fountain Hills and Glendale are no longer in that list, but Surprise and Tempe have replaced them.
The market remains heavily biased in favor of sellers, since the lowest CMI in the table is 264.6 and a balanced market is represented by 100. The current trend is for strong demand to slacken very slowly while supply is stable and extremely low. The rate of change is currently quite slow, but is not guaranteed to stay that way.
It is the season for prices to make their biggest moves, and these moves continue to be very big and in an upward direction. The average sales price per square foot is now 1% above the average asking price per square foot, having been slightly lower prior to February 11.
Although the numbers say the market is cooling, the rate of cooling is so slow that it will be almost undetectable in the real world. Buyers are likely to find a very competitive environment persists throughout the spring and in all market segments. The chances that prices will go into reverse in 2022 are currently close to zero.
Market incites provided by the Cromford report.