By Mike Bodeen · 10 October 2016
A Seller’s Market for Most!
As you can see from Michael Orr’s Chart below, the Cromford Market Index of the largest 17 cities in the Phoenix Metro area, are all above “100” which puts them into the “Seller’s Market” range.
The pluses and minuses relate to the Index reading from one month ago. You can see that several cities jumped quite a bit, including Cave Creek (15%), Glendale (9%), and Chandler (8%). Paradise Valley jumped 6% and Tempe 5%. The west valley cities of Avondale, Buckeye, Surprise and Goodyear dropped from -5% to -6%.
The constant caveat is that these numbers can change pretty dramatically when you divide them up by price. The $500k+ market remains sluggish whilst the $250k and under is crazy hot for most areas.
Cave Creek’s 15% advance was the only double digit advance, and made the highest leap of all the cities. It is now firmly in Seller’s Market territory.
As many of you know, we publish Michael Orr’s Index periodically. This Index is unique to Mr. Orr and the Phoenix Metro communities. I’m not aware of anything else at all like it anywhere, but then again, I’m not privy to all U.S. regions and what types of statistical information they might have. What I do know is that we have a gem statistician among us.
Market data referenced in this article comes from The Cromford Report.