Greater Phoenix Housing Market Strongly Swinging in Favor of Sellers

The housing market in Greater Phoenix is swinging strongly in favor of sellers again as illustrated in the six month Cromford® Market Index chart below (Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market.):

Not only have listings being going under contract more quickly, the supply of new listings is much weaker than normal and many segments of the market are looking extremely short of homes for sale. This puts buyers into competition with each other leading to bidding wars.

Here are a few examples of ZIP codes with very low numbers of active single-family listings, excluding UCB and CCBS, compared to last month:

1. Aguila 85320 - nothing for sale (normally we see an average of 10 listings)

2. Arlington 85322 - 1 listing (normally we see an average of 4 to 5 listings)

3. Peoria 85381 - down 57% since last month to 18 (50 is typical)

4. El Mirage 85335 - down 56% since last month to 25

5. Youngtown 85363 - down 56% to 4

6. Phoenix 85035 - down 50%

7. Mesa 85215 - down 49%

8. Phoenix 85045 - down 49%

9. Phoenix 85027 - down 48%

10. Mesa 85202 - down 48%

11. Avondale 85392 - down 47%

12. Mesa 85204 - down 46%

13. Glendale 85303 - down 45%

14. San Tan Valley 85143 - down 44%

15. Phoenix 85003 - down 43%

16. Peoria 85345 - down 42%

17. Gilbert 85233 -down 42%

18. Mesa 85203 - down 41%

19. Phoenix 85033 - down 38%

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