If you need assistance, please call 602-410-0827

March 3, 2022 Market Update

Thursday, March 3, 2022   /   by Bryan Baylon

March 3, 2022 Market Update

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

Screen Shot 2022-03-22 at 11.00.19 AM.png

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.

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 21, 2024
This site powered by CINC: www.cincpro.com