Once Again Here’s Greater Phoenix’s Latest Real Estate Stats
PV & Gilbert Did What?!
Every week, we take a look at the latest market statistics released by CromfordReport.com, a leading Arizona data company. Since the post-pandemic correction started taking place in May of 2022, we’ve been paying attention to the data even closer. As we explain each week, using numerous factors including inventory numbers as well as buyer demand, CromfordReport.com creates what is called the Cromford Market Index (CMI). Today we will look at the overall CMI for Greater Phoenix as a whole as well as at the primary local cities/areas.
*90 and under is a buyer’s market. 90-110 is a balanced market. 110+ is a seller’s market.
The Overall CMI
On October 20th, 2022, the overall CMI for Greater Phoenix was 99.1.
On October 26th, 2022, the overall CMI for Greater Phoenix was 96.4.
Supply Index & Demand Index
On October 26th, 2022, the Supply Index was 81.5 and that Demand Index was 78.6.
This is the first time in many years that the Supply Index was higher than the Demand Index.
On 10/13/22 The Hyper Local CMI’s Were:
- Paradise Valley – CMI 159.2
- Fountain Hills – CMI 157.4
- Scottsdale – CMI 132.0
- Cave Creek – CMI 114.5
- Chandler – CMI 97.1
- Phoenix – 96.1
- Glendale – CMI 93.8
- Mesa – CMI 90.8
- Tempe – CMI 87.7
- Goodyear – CMI 86.2
- Peoria – CMI 84.8
- Gilbert – CMI 86.2
- Avondale – CMI 79.5
- Surprise – CMI 71.2
- Maricopa – CMI 58.9
- Queen Creek – CMI 52.6
- Buckeye – CMI 51.4
On 10/20/22 The Hyper Local CMI’s Were:
- Fountain Hills – CMI 152.8 -10%
- Paradise Valley – CMI 144.9 -23%
- Scottsdale – CMI 128.9 -7%
- Cave Creek – CMI 107.6 -13%
- Chandler – CMI 94.3 -2%
- Phoenix – CMI 94.1 -5%
- Glendale – CMI 92.0 -4%
- Tempe – CMI 87.6 0%
- Mesa – CMI 87.6 -8%
- Goodyear – CMI 84.5 -4%
- Peoria – CMI 82.1 -7%
- Gilbert – CMI 79.2 +1%
- Avondale – CMI 76.8 -11%
- Surprise – CMI 70.5 -8%
- Maricopa – CMI 57.0 -9%
- Queen Creek – CMI 51.8 -6%
- Buckeye – CMI 51.3 0%
Primary Takeaway
Bottom line is this, no area is immune from correction. According to the data, Paradise Valley is now the 2nd strongest hyper local market in Greater Phoenix. However, at -23%, PV’s CMI also fell the most (month over month). The strongest performing market (month over month) was Gilbert at +1%. Even with that, the Gilbert real estate market is still one of the more affected markets in the valley (12th).
When next week’s data is released, we will post it. Hope to see you here.