Hey there, real estate aficionados! We’ve got new Greater Phoenix real estate market insights for you. When we say Greater Phoenix, we mean ‘The Valley‘. With that said, let’s get into this latest data that could help your investment strategy. Make sure to scroll to ‘City-Wise’ section to see HIGHLY DETAILED data.
So, let’s kick it off with Phoenix’s year-to-date stats.
That’s right. Despite fewer transactions this year, the rising home prices have kept our dollar volume above the 2020 levels.
Oh, the Fed. Always making waves in the real estate world.
Despite PCE inflation dropping below 4% for the first time in two years, don’t hold your breath for rate cuts. The Fed is playing it coy.
Talking about rates, what about mortgage rates?
If you’ve been holding out for those sweet 3% rates to make a comeback, it might be time to reassess. The rates are not dialing back anytime soon, according to the experts.
Here’s a curveball. Seattle residents are eyeing Greater Phoenix.
Even though the market seems to be slowing down, demand is still robust, especially from out-of-state buyers like those from Seattle.
First off, a little bit about the Cromford Market Index
All these elements combined give us the Cromford Market Index (CMI), a comprehensive tool to assess the market’s pulse. Keep this in mind as we discuss Greater Phoenix’s real estate market.
Let’s talk CMI, the pulse of Phoenix’s market health.
Most of Phoenix is still in a seller’s market. However, demand is below normal, and supply is slowly creeping up.
Cities like Chandler and Gilbert are seeing month-over-month softening, and places like Buckeye and Queen Creek could soon become buyer’s markets. No surprise there.
Cities That Moved Upwards
*All comparisons are from one month prior
There’s a mix of stability and shifts among the top performers. Chandler, although experiencing a significant decrease, still holds the top spot.
Here are the areas holding their ground but also showing some fluctuation.
The Bottom 4
Last but not least, let’s talk about supply.
From Federal Reserve policies to the inflow of Seattle settlers, the Greater Phoenix real estate market is a cauldron of fascinating trends. For now? That is it. Stay luxe!