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Cities Where the Markets are Strengthening or Weakening

10January
2014

It’s interesting to see how different markets in Arizona real estate can be either stronger or weaker based on location.  Below is a list of several cities in Arizona showing the Cromford Market Index numbers for single family homes indicating whether a market is either a seller’s market, a buyer’s market, or considered a “normal” market.

  • Chandler would still be considered a seller’s market with its index number increasing from 113.9 last week to 116.5 this week.
  • Avondale has stayed balanced with a number of 102.4 which is up slightly from 101.6 last week.
  • Glendale remains balanced, but is down slightly from 100.5 last week to 100.3 this week.
  • Mesa is balanced at 99.5 this week from 98.7 last week.
  • Scottsdale real estate remains balanced at 98.7 which was the same as last week.
  • Tempe is up from last week (89.8) and remains balanced this week (92.5).
  • Phoenix is currently a buyer’s market at 83.9 which is down from 85.2 last week.
  • Peoria is also a buyer’s market at 83.9 which is down from 85.2 last week.
  • Gilbert is up from last week (80.1), but is considered a buyer’s market (81.8).
  • Although Goodyear is up from 78.3 last week to 77.7 this week, it’s still considered a buyer’s market.
  • Surprise moved up this week from 68.6 to 69.4, but is very much a buyer’s market.
  • While Queen Creek moved up from 55.8 to 56.4, it is still very much a buyer’s market.

More cities moved up rather than down over the last week, and the only city that deteriorated significantly was Perioria. On a positive note, Scottsdale real estate and Phoenix real estate barely changed.

What we need to keep in mind is that although a city may be a buyer’s market today, that does not mean that prices will come down.  It typically takes 9 to 18 months in a buyer’s market for prices to reacts.  The balance of power can easily change before this will happen, especially given the volatility we have seen in Arizona real estate in the past.

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