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May 12, 2022 Market Update

Thursday, May 12, 2022   /   by Bryan Baylon

May 12, 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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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.

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

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