Despite Low Demand for Houses...Market is Still HOT!
All but 3 cities now see their Cromford Market Index falling with Paradise Valley and Cave Creek notable exceptions and Tempe just squeaking out a gain over the last 4 weeks. As a refresher...the Cromford Market Index (CMI) 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 v
44% of Sales Closed Over Asking Price: New Listing Counts Lowest in Over 20 Years
For Buyers:
44% of sales through the Arizona Regional MLS have closed over asking price in the last 30 days. The median amount over asking price for all price ranges combined is $10,000 with a range between $1 to $310,000. (I know what you’re thinking, “$1 over? What is this, ‘The Price is Right’?” In some cases, yes.) While 56% of all homes still sell for at or below list price, if you have a budget between $250K-$400K, the percentage selling over list is highest at 52% with
Will End of COVID 19 Forbearance Moratoriums Bring Flood of Distressed Homes into AZ Market?
Here are the basics - the ARMLS numbers for March 1, 2021 compared with March 1, 2020 for all areas & types: Active Listings (excluding Under Contract accepting Back-ups (UCB) & Contract Contingent on Buyer Sale (CCBS)): 4,491 versus 11,003 last year - down 59.2% - and down 13.3% from 5,180 last month Active Listings (including UCB & CCBS): 9,094 versus 15,776 last year - down 42.4% - and down 6.5% compared with 9,727 last month Pending Listings: 8,027 versus 7,215 last year
