By Mike Bodeen · 4 October 2021
Forgive my local sports teams giddiness vs L.A. teams, as our 4-0 Arizona Cardinals took apart the loathed L.A. Rams in a decisive Sunday victory. On top of that, on Saturday, ASU handily beat UCLA to take the Pac 12 lead. And lest we forget (how can we?) the Suns demolished the L.A. Lakers not too many months ago.
Now if the St. Louis Cardinals can beat the L.A. Dodgers in their one game win-or-go home contest on Wednesday, that would make my sports week complete. Is this an Arizona Sports trend? Time will tell.
And what of the Phoenix Metro residential real estate market? Since March, the market had been trending toward buyers (though it never left seller’s market territory). Viewing the Cromford Market Index (CMI) Chart below, we can see that movement favoring buyers. Below 100 is considered a buyer’s market, above 100 a seller’s.
And if we look at the current numbers below, we will see a noteworthy increase in listings in just the last quarter – up 31%.
Current numbers:
Aaaah, but if we look closer, we see that the CMI has actually leveled out over the last two months. And the reason for that is that the Cromford Demand Index (not shown here) has increased over the last two months also, negating the increase in listings.
So for now, the market’s trend, seems to be in a “holding” pattern, not soaring in the direction of buyers or sellers, but hovering in a good place for sellers. Another word for that could be “plateauing” or dare I say, stabilizing?
Go Cardinals!
Market data referenced in this article comes from The Cromford Report.