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November 17, 2022 Market Update

Thursday, November 17, 2022   /   by Bryan Baylon

November 17, 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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Surprise is living up to its name by delivering a 3% improvement in its CMI over the past month. The other 16 cities, not so much. Paradise Valley declined 34% and appears to be rapidly heading towards a buyer's market. However the decline has slowed over the last week and it may yet stay in the balanced zone instead. Fountain Hills is now in a league of its own and only declined 3% over the last month. Conditions there have started to improve. Cave Creek is also pulling out of its decline and may see stability in the balanced zone pretty soon.

The deterioration for sellers is starting to decelerate with an average change in CMI of -9.8%, an improvement over -10.8% last week. Gilbert is one area where prospects for sellers and starting to improve slightly as supply declines.

Some of the secondary cities are also starting to improve, including Laveen and Tolleson.

Market insights provided by the Cromford Report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085
602-410-0827

© 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 17, 2024
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