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

May 5, 2022 Market Update

Thursday, May 5, 2022   /   by Bryan Baylon

May 5, 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 2022-05-09 at 12.41.13 PM.png

If you thought last week's table was bad, then this weeks is much worse. All 17 cities are cooling quickly with all except 2 (Glendale and Goodyear) dropping 10% or more over the past month.

The average change was -18.1% compared with -15.3%. More drastic cooling is observed in Peoria, Queen Creek, Paradise Valley, Buckeye, Tempe and Gilbert.

Supply is building quickly thanks to plentiful new listings and a major slowdown in homes going under contract.

The last 6 weeks look like the significant turn in the market than we have been anticipating for several years and there are no obvious upcoming changes expected that would reverse the current trend.

Because the market was so hot in February, it will take several months for this trend to bring us back to more normal levels. However we note that Buckeye has broken below 200 and only one city (Avondale) is still over 500.

We anticipate that all of the CMIs in the table will drop sharply over the next 4 weeks. Beyond that, it is anybody's guess.

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. July 15, 2024
This site powered by CINC: www.cincpro.com