Thursday, May 12, 2022 / by Bryan Baylon
From a seller's perspective, this is dismal table. Your negotiation power is dissipating at a rapid rate. All 17 cities are cooling quickly and their CMI is dropping 10% or more over the past month. 9 cities have fallen by 20% or more over the last month and one (Queen Creek) by as much as 30%.
The average change was -20.5% compared with -18.1%.
Supply is growing in almost all areas thanks to a plentiful and growing flow of new listings, while homes are going under contract at a slower rate than we have seen for a long time.
It will take several months of this trend continuing to reach a balanced market, but this no longer looks like such a far-fetched idea.
Market incites provided by the Cromford report.