Market Statistics Report for June 21, 2024
Market Dashboard – Cromford Index
All the statistics shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions
recorded by ARMLS are included. Geographically, this includes Maricopa County, a large part of Pinal county and a small
part of Yavapai county. In addition, "out of area" listings recorded on ARMLS are included, although these usually
constitute a very small percentage of total sales and have very little effect on the data.
All dwelling types are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land,
commercial units, and multiple dwelling units are also excluded.
Daily Market Snapshot – City Ranking Snapshot
area. The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions
recorded by ARMLS are included. Geographically, this includes Maricopa county, the majority of Pinal county and a small
part of Yavapai county. In addition, "out of area" listings recorded in ARMLS are included, although these constitute a very small percentage (typically less than 1%) of total sales and have very little effect on the statistics.
Cromford Market Index
cities.
Cromford Market Index Commentary
The average change in CMI over the past month is -5.0%, a steeper fall than the -3.4% we saw last week . This is
increasing the downward trend that started 5 weeks ago. Price reductions are still increasing in both size and
frequency.
As last week, we only have 4 cities showing an increase in their Cromford® Market Index over the past month,
while 13 have declined.
Maricopa is the biggest mover in favor of sellers but it is only up 4% over last month. Gilbert, Peoria, Goodyear,
Paradise Valley, Mesa, and Glendale are the primary locations moving in favor of buyers, with Gilbert's market
deteriorating the fastest..
Despite the continuing deterioration, 11 out of 17 cities remain seller's markets over 110. We have 1 city (Goodyear)
that is barely balanced, while the remaining 5 are buyer's markets.
Jun 14 - The number of listings under contract (8,238) at week 23 is the lowest we have recorded for that time of
the year since 2007.
