The Cromford Market report compares this month with not only last month but May a year ago. This Cromford Market report is from all the ARMLS data, which includes Maricopa, part of Pinal and Yavapai counties. A Cromford market index score of 100 is a balanced market. Below 100 favors buyers, and above sellers. A year ago, at this time it was 106.9, now it sits at 73.3. Other indicators favor buyers such as more listings, fewer sales/month, more days on the market, a decline in appreciation from 5.4% to 1.2% and listing success rate of 68.2% down from76.2%
Tina Tamboer with the Cromford market reported on the Newsweek article suggesting that homes in Greater Phoenix could drop by 20%. While buyers would certainly swarm the housing market if property values suddenly dropped by 20%, the chance of that happening is slim. While Greater Phoenix is slipping farther into a buyer’s market, it’s not extreme enough for a collapse of that magnitude. Buyer’s markets over the past 25 years, excluding the 2008 sub-prime mortgage collapse, saw prices drop between 5% and 11% year-over-year, and those price declines were enough to pull the market back into a seller’s market each time.
June 1 market snapshot Rio Verde:
Active listings: 27 down from 34
Under contract: 6 down from 8
Sold: 6 up from 1
Ave. days on market: 80 down from 204 (only one sold in April)
June 1 market snapshot Tonto Verde:
Active listings: 16 down from 20
Under contract: 2 down from 4
Sold: 3 down from 7
Ave. days on market: 117 up from 59
May 1 market snapshot Trilogy Verde River:
Active listings: 64 down from 71
Under contract: 8 down from 12
Sold: 11 down from 14
Ave. days on market:184 up from 145
