Change in Valley Home Market
There is much more change over the past month than than usual. It is change in both directions as the Southeast Valley and Northeast Valley get stronger while the Central Valley, West Valley and Pinal County get weaker.
Among the West Valley cities, Avondale has slipped the most, falling from an almost unassailable first place to 4th in just 3 weeks. Glendale too is becoming more favorable for buyers while Buckeye continues to move towards a balanced market.
Mesa and Chandler are leading the advance for the Southeast Valley with Gilbert and Queen Creek not far behind. They now dominate the top section of the chart with only Surprise putting up any resistance for the West Valley.
Cave Creek is the exception, but the other Northeast Valley cities are improving for sellers at a good pace. This includes Scottsdale (up 9%), Fountain Hills (up 13%) and Paradise Valley (up 11%).
Phoenix continues to slip gently lower with many of its less expensive areas losing some of the seller's advantage they have enjoyed for many years.
Maricopa is also slipping backwards and although they are not big enough to make the top 17, Casa Grande and Apache Junction are also deteriorating for sellers. Florence and Gold Canyon are improving however.
The shifts in the market correspond with price ranges. More supply is coming on stream for the price ranges from $125,000 to $200,000 while homes priced between $250,000 and $600,000 are getting harder to find. The latter range particularly favors areas like Scottsdale, Gilbert, Chandler and Mesa.