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

September 8, 2022 Market Update

Thursday, September 8, 2022   /   by Bryan Baylon

September 8, 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 2022-09-28 at 4.43.56 PM.png

Sellers can celebrate - the number of cities with an improved CMI over the past month has doubled. Chandler has joined Paradise Valley, though its rise over the past 31 days has only been 0.3. Scottsdale almost made that same group be missed by only 0.2

The average monthly change in CMI was -9%. This is another improvement on the week before when the reading was -15%. The deterioration has slowed markedly during the past three weeks and CMI readings are falling much less quickly now. The average decline over the last week was only 0.2%.

Only 4 cities remain over 100. They are all relatively expensive parts of the market and all in the Northeast Valley.

If we focus on the change in CMI over just the past week, then more cities edged higher:

  • Chandler up 3.2%
  • Paradise Valley up 2.2%
  • Scottsdale up 1.9%
  • Tempe up 1.5%
  • Gilbert up 0.9%
  • Phoenix up 0.6%
  • Glendale up 0.3%
  • Mesa up 0.1%

There is no doubt that conditions are stabilizing, at least for now. The worst areas for CMI falling in the last week were:

  • Goodyear -3.0%
  • Fountain Hills -2.5%
  • Cave Creek -1.8%
  • Avondale -1.7%
  • Surprise -1.6%
  • Buckeye -1.3%
  • Maricopa -1.1%

The new found stability is because demand is very low but creeping higher while supply has almost stopped rising in most but not all areas.

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

© 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. May 23, 2024
This site powered by CINC: www.cincpro.com