This Dashboard provides a comprehensive summary of the current state of the overall residential resale market.
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.

 

 

The table below provides a concise statistical summary of today's residential resale market in the Phoenix metropolitan
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
Oct 3 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest
cities.

 

Buyers are still gaining negotiation power as supply rises faster than demand. The highest price ranges
are also now joining the trend as many high-end listings are added, some having been taken off the
market during the summer.

 

There are now only 6 cities showing an increase in their Cromford® Market Index over the past month.

This is down from 7 a week ago. We have 11 cities showing a decrease and that includes the two largest
cities - Phoenix and Mesa.

 

The average change in CMI over the past month is -2.7%. Last week we saw -1.9%. Paradise Valley
has quickly turned around and is no longer helping.
Surprise, Glendale and Fountain Hills are showing respectable percentage gain of 6% or more. The
remaining green dots are Scottsdale, Cave Creek and Tempe, but they are up 3% or less. The largest
declines are to be found in Avondale, Chandler and Goodyear. A positive sign for sellers is that Phoenix
has stabilized and is not in the balance zone below 110.

 

8 out of 17 cities remain seller's markets over 110, though 3 of these are below 120 with Gilbert dropping
below 110. We have 4 cities that are balanced, while the remaining 5 are buyer's markets. Only 1 city
is still over 140, but 3 are now below 70.

 

It is a good sign that demand is rising as interest rates get more attractive. However it is always
important to consider supply as well as demand and so far the lower rates seem to have brought out
more sellers than buyers. This means the market is getting busier but less favorable for sellers.

 

Oct 1 - If you have been watching the listings under contract count, as we suggested you should a few
weeks ago, you will have noticed a sharp increase over the past 4 weeks.

 

We are up almost 14% over this time last year. We have not seen a significant year over year increase
for well over 3 years, so this is a cause for celebration.

The fourth quarter of 2024 should see an increase in closing rates which is good news for agents and
everyone else who works in the industry.

 

While this is also good news for sellers, it is heavily dampened by the fact that the supply of active
listings is up 52% over last year. So there is no upward pressure on pricing except in a few isolated
segments, such as the ultra-luxury market. However even that comparison is getting better, since it was
62% at the end of July.