These 3 Phoenix Metro Cities Have Become Buyers’ Markets
A Changing Real Estate Market
As inventory levels continue to rise, several cities and/or areas in the Phoenix Metro have fallen into the “Buyer’s Market” category (Maricopa, Queen Creek, and Buckeye). Analyzing data from the Cromford Report, within the last month, these 3 above cities and/or areas fell into “Buyer’s Market” status. Tempe and Gilbert look to be next with Fountain Hills, Paradise Valley, and the Scottsdale real estate market being the furthest away from becoming Buyer’s Markets (statistically). Below is the breakdown of the cities furthest and closest from the data supporting them falling into Buyer’s Markets. Will all major cities in Greater Phoenix switch to Buyer’s Markets? Possibly. Things have been crazy for a loooooong time.
Per Cromford Report, the below cities were statistically furthest and closest to becoming Buyer’s Markets. This data, using the Cromford Market Index, was from August 2022. The number to the right represents the CMI (more on that below).
- Fountain Hills – CMI 218.3
- Paradise Valley – CMI 185.4
- Scottsdale – CMI 139.5
- Cave Creek – CMI 133.9
- Goodyear – CMI 120.2
- Avondale – CMI 115.0
- Mesa – CMI 106.6
- Phoenix – CMI 106.5
- Glendale – CMI 103.8
- Peoria – CMI 102.0
- Chandler – CMI 97.5
- Surprise CMI – 94.8
- Tempe – CMI 93.4
- Gilbert – CMI 90.2
- Maricopa – CMI 79.2
- Queen Creek – CMI 67.2
- Buckeye – CMI 64.8
What Signals A Buyer’s Market?
The Cromford Report, a leading real estate data firm in Arizona uses what is called The Cromford Index to determine the status of a market. The “CMI” looks at many points of data including inventory levels and buyer demand. 0-90 would be considered Buyers’ Markets, 90-110 are even markets, and 110-500 are sellers markets. It’s worth noting many of the above cities were in the 475+ range for quite some time until just a few months ago. Is this the end of the world? We don’t predict markets. What we DO do, however, is provide information. Should you want to look into the Arizona real estate market, feel free to reach out anytime.
Also Read: Ritz-Carlton, Paradise Valley Construction Update – July 2022