Data Junkies Rejoice – Latest Greater Phoenix Real Estate Stats
More Cities Become Buyer’s Markets
On August 10th, we posted a LUXE BLOG detailing the first three Greater Phoenix cities (out of its 17) that had recently entered “Buyer’s Market” status’. Those 3 cities were: Maricopa, Queen Creek, and Buckeye. According to data from the Cromford Report, as of August 25th, 2022, four more cities have entered into Buyer’s Market territory. These cities are: Chandler, Tempe, Surprise, and Gilbert.
How Are Market Status’ Determined?
The Cromford Report uses what is called The Cromford Index. This index determines the status of a market. The “CMI” looks at many points of data including inventory levels and buyer demand.
- 0-90 is considered a buyers’ market
- 90-110 is a balanced market
- 110-500 is a sellers market
4 Cities Remain Seller’s Markets
As expected, the four highest end cities in Greater Phoenix remained in Seller’s Market status (some by far). These four were: Paradise Valley, Fountain Hills, Scottsdale, and Cave Creek.
6 Cities Are Balanced Markets
The six cities that fell into balanced market status (as of late August 2022) were: Phoenix, Goodyear, Mesa, Glendale, Avondale, and Peoria.
The Overall Breakdown Is As Follows
As of August 25th 2022
- Paradise Valley – CMI 190.1
- Fountain Hills – CMI 186.8
- Scottsdale – CMI 131.4
- Cave Creek – CMI 128.1
- Phoenix – CMI 100.2
- Goodyear – CMI 98.7
- Mesa – CMI 94.8
- Glendale – CMI 93.8
- Avondale – CMI 91.4
- Peoria – CMI 90.2
- Chandler – CMI 88.5
- Tempe – CMI 84.9
- Surprise – CMI 83.2
- Gilbert – CMI 76.2
- Maricopa – CMI 66.5
- Queen Creek – CMI 56.5
- Buckeye – CMI 53.5
What Does This All Mean?
That things have changed, and will continue to change, for the foreseeable future. And what’s the BEST way to navigate such a market? Via working with an experienced boutique team with 100+ years combined experience and $1+ billion in sales, that’s how. Williams Luxury Homes is here when you’re ready to get into some more data, or, better yet, into a piece of real estate at the right time. Thanks for reading.
Also Read: Why Are So Many Wealthy People Moving To Arizona’s Paradise Valley