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Market Update

A market update for Las Sendas, North East Mesa, and East Valley residents who want to keep an eye on the market!

Single Family Homes February 19

Larry Bearse

February 18 - The single family market in 15 of the largest 17 cities is getting more unfavorable for sellers. Here is the comparison of the Cromford® Market Index for today versus January 18:

The 2 cities that did not show an unfavorable trend improved just a tiny fraction, so this is a pretty negative picture for sellers. Having said this, there are still 8 cities that are in a seller's market with 7 in the balanced zone and 2 in a buyer's market. The last month has dropped Avondale's CMI by 19%, though it remains in first place. Buckeye and Maricopa both dropped 12%. The overall CMI for the market stands at 128.5 and although this is still a seller's market it is the lowest value since April 26, 2015. Among the smaller cities that are not in the top 17, we see very negative trends for sellers in Apache Junction, Anthem, Sun City, Sun City West and Sun Lakes. In almost all the cities where conditions for sellers are deteriorating, the problem is not a lack of demand, it is strong growth in supply. Apache Junction supply is up 29% in just one month. Anthem is up 24%, Buckeye is up 19%, Sun City is up 18%, Scottsdale is 16%, Goodyear is up 15%. This is a lot of competition for sellers to cope with and it is resulting in a significant increase in the number of price cuts we are recording. If conditions continue like this we are likely to see a reduction in appreciation rates for the affected areas. The main exception to this situation is Avondale, where conditions are deteriorating for sellers because of a slackening in demand. Supply remains scarce in this city.

The 2 cities that did not show an unfavorable trend improved just a tiny fraction, so this is a pretty negative picture for sellers. Having said this, there are still 8 cities that are in a seller's market with 7 in the balanced zone and 2 in a buyer's market. The last month has dropped Avondale's CMI by 19%, though it remains in first place. Buckeye and Maricopa both dropped 12%.

The overall CMI for the market stands at 128.5 and although this is still a seller's market it is the lowest value since April 26, 2015.

Among the smaller cities that are not in the top 17, we see very negative trends for sellers in Apache Junction, Anthem, Sun City, Sun City West and Sun Lakes.

In almost all the cities where conditions for sellers are deteriorating, the problem is not a lack of demand, it is strong growth in supply. Apache Junction supply is up 29% in just one month. Anthem is up 24%, Buckeye is up 19%, Sun City is up 18%, Scottsdale is 16%, Goodyear is up 15%. This is a lot of competition for sellers to cope with and it is resulting in a significant increase in the number of price cuts we are recording. If conditions continue like this we are likely to see a reduction in appreciation rates for the affected areas.

The main exception to this situation is Avondale, where conditions are deteriorating for sellers because of a slackening in demand. Supply remains scarce in this city.