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.