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.
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.
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.
The six cities that fell into balanced market status (as of late August 2022) were: Phoenix, Goodyear, Mesa, Glendale, Avondale, and Peoria.
As of August 25th 2022
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.