Here’s the latest from The Cromford Report:
November 7 – We are seeing demand continue to fall but at a decelerating rate now we are well into November. It is possible that October was the worst month for buyer sentiment decline in a long time and things look like they may be starting to moderate now. Here are the latest Cromford Market Index™ values for the single family home markets in various cities, and in parentheses a comparison with the previous month (October 7):
- Sun Lakes – 166.6 (237.6)
- Sun City West – 153.1 (188.9)
- Arizona City – 145.2 (166.7)
- Glendale 107.6 (129.9)
- Sun City – 116.5 (158.4)
- El Mirage – 109.6 (116.5)
- Cave Creek – 109.3 (124.0)
- Paradise Valley – 108.1 (137.4)
- Chandler 106.3 (115.2)
- Apache Junction – 104.9 (124.3)
- Scottsdale 104.2 (131.1)
- Avondale – 104.0 (132.4)
- Phoenix – 100.4 (120.9)
- Mesa – 98.8 (121.0)
- Goodyear – 96.9 (126.7)
- Peoria – 95.8 (121.1)
- Gilbert – 95.1 (110.8)
- Anthem – 91.6 (99.9)
- Litchfield Park – 88.6 (114.2)
- Laveen – 87.3 (113.3)
- Surprise – 85.7 (110.1)
- Tolleson – 86.1 (91.4)
- Fountain Hills – 81.7 (119.0)
- Gold Canyon – 79.9 (95.2)
- Buckeye – 78.3 (93.1)
- Tempe – 74.9 (94.7)
- Casa Grande – 67.9 (84.8)
- Queen Creek – 66.2 (87.5) – includes San Tan Valley unincorporated area
- Maricopa – 53.9 (67.5)
Chandler is the first major city to see its demand stabilize, though supply is still increasing. Tempe and Mesa look like they may be close behind and the next potential candidates for demand stabilization are Tolleson, Glendale, Anthem and El Mirage.
The 55+ areas and the luxury market were affected much later than the rest of the market, but demand is falling off sharply in these segments at the moment. As a result of their late entry we would expect them to take a bit longer to stabilize.
The Ryan-Whyte Team at RE/MAX Infinity specializes in residential real estate in Chandler, Gilbert, and the Southeast Phoenix Valley.
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