Here is the latest daily observation from The Cromford Report on the local Phoenix/Chandler real estate market. Chandler is showing a bit of improvement while Gilbert continued to weaken. I've copied and pasted the report here:
The Cromford® Market Index has found a stable level at around 97.2, within the balanced zone with a slight bias in favor of buyers. This is for all areas & types within ARMLS. If we examine the single family market within the major cities we find:
- Tempe is improving strongly from 75.9 to 78.7 over the last week and is even above the 78.5 we saw last month. The demand index is up sharply in Tempe and the supply index has started to fall.
- Chandler is showing stronger signs - up from 104.7 to 105.6 over the last week - 108.9 last month. Demand is well up and supply has stabilized.
- Glendale is also showing improvement - up from 106.6 to 107.6 over the last week - 112.1 last month. Demand is up and supply has stabilized.
- Scottsdale is up slightly from 99.5 to 99.9 over the last week - 112.3 last month. Demand is up and supply has stabilized.
- Peoria is stable - unchanged from 90.6 over the last week - 105.0 last month. Demand is showing first slight signs of improvement.
- Mesa is stable - down from 96.7 to 96.6 over the last week - 104.8 last month. Demand is well up but supply is still growing too.
- Avondale is showing its first signs of stabilizing - down from 95.4 to 93.9 - 111.5 last month. Demand is increasing but supply is still growing too.
- Queen Creek is still deteriorating, albeit more slowly - down from 61.2 to 60.0 over the last week - 72.9 last month. Demand is flat and supply is growing.
- Phoenix is still gently falling - down from 95.3 to 93.5 over the last week - 106.4 last month. Demand has stopped falling but supply is growing.
- Gilbert is still weakening - down from 89.5 to 87.1 over the last week - 100.9 last month. Demand is still weak and supply is growing.
- Goodyear is weaker - down from 87.3 to 84.5 over the last week - 106.8 last month. Demand is stabilizing but supply is still growing strongly.
- Surprise is doing poorly - down from 79.9 to 76.5 over the last week - 92.8 last month. Demand is weak and supply is growing strongly.
The above list is ranked by how well it has performed over the last week. There is a big difference between Tempe at the top and Surprise at the bottom. Three of the top four cities are in the golden rectangle centered on Scottsdale Road and Rural Road. This area tends to recover fastest from any downturn in the market. The bottom 5 cities have the disadvantage that they get the biggest share of supply from new construction, which helps buyers retain an advantage in negotiations. This is because resale home sellers have additional competition from new home builders. Tempe sellers has the advantage of competing with almost no new single family homes added to the supply.
If you would like to discuss your home's value or are interested in finding out if now is a good time for you to buy a home, please contact The Ryan-Whyte Team at RE/MAX Infinity at 480-726-7000 or visit our website to read all of the Cromford Report daily updates at http://www.chandlerocotillo.com
The Ryan-Whyte Real Estate Team
Infinity & Associates