01/06/2025
The high temp in Phoenix today is 69 degrees and dropping this week 🥶, but residential real estate sales are on the rise.... give me a call and let's talk about your homebuying/homeselling goals. I'm here to get you there!
Key Market Factors
NEW CONTRACT ACTIVITY: This remains very positive news and a continuing trend. For the last 10 weeks, there were 11% more accepted contracts than in '23.
SALES ACTIVITY: This is probably the best news again this month! Sales outpaced the previous 2 years for the 3rd straight month.
SALES PRICES: This has increased to 4% YOY, and follows my projection last month that data was indicating an increase.
AVAILABLE HOMES: Inventory peaked in November and has since declined, however is still higher comparatively than the last 5 years.
LISTING SUCCESS RATE: This is an interesting stat, and currently 66% of listings sell. This has continued to decline over the last 10 months.
SELLER CONCESSIONS: This remains very high at 52%, with sellers contributing an average of $10,000 at the closing table. As interest rates remain elevated, I suspect this will continue to help buy down rates.
DAYS ON MARKET: It continues to take longer to sell than last year, but remains at a somewhat historical norm.
OVERALL BALANCED MARKET: The Cromford Market Index (a leading indicator of our market condition), has recently reversed course and started climbing again and now sits at 91, which is a Balanced Market (CMI between 90-110). More granularly, there are 9 cities around the Valley in a Seller market, 3 that are Balanced and 5 that are a Buyer market.
