Hello again. As we do often, it’s time to talk stats. As an active team, we here at Williams Luxury Homes are always engaging with the market. After all, it will ALWAYS be in a state of flux. It’s a living, breathing organism that has its own ebb and flow. Speaking of flow and change, the post-pandemic market was a real boon for sellers, but now things have leveled off a bit. As everyone knows, that began happening around April of 2022. Now that we are almost a year away from then, the market has stabilized.
With that said, rates are on the rise and new contracts are down. Regardless, per the most trusted real estate data company in AZ, Cromford Report, the overall Greater Phoenix market is statistically a sellers market. And we have been following this specific data very closely since May of last year or so. Right here, on LUXE BLOG, we happily reported when the market tipped to a buyer’s market. We can just hear it now, “They’re Realtors, of course they’re going to say the market is good.” We’re not necessarily calling it good, but we FOR SURE are not calling it bad.
The latest numbers can be found below.
Cromford Report measures supply and demand among other things to produce what is known as the Cromford Market Index (CMI). They examine the health of each of the 17 measured cities and areas in addition to the general state of the Phoenix Metro local market.
Before we get to the latest CMIs, we want to share the latest Supply Index and Demand Index. Back in the height of the correction, the Demand Index (buyer demand) was lower than the Supply Index. Not anymore. As of Feb. 26th, 2023, the Supply Index was 64.6 and the Demand Index was 81.9. Much of this has to do with A) New home builders not pulling many new permits and B) Sellers being comfortable in their loans and having plenty of equity.
While were not going to go into city by city, we will share the basics. If you have any questions about the
To wrap up this edition of LUXE BLOG, thank you for checking us out. These latest stats can help you make a more informed decision when buying here. Rates are up; new contracts are down. However, all in all, this remains a seller’s market. Not as strong as the post-pandemic market by any means, but still TECHNICALLY a seller’s market.
So tell us, what type of real estate are you most excited about buying in Greater Phoenix? We look forward to helping you find it here at Williams Luxury Homes! Thanks for tuning in.