08/20/2020
MARKET UPDATE:
The market continues to be crazy/strong here in Arizona,
As I stated last month's update, the best leading indicator available is through the Cromford Market Index (CMI). So, the balance is 100; anything above that number indicates a Seller’s market, anything below that number indicates more of a Buyer’s market. It goes hand in hand that prices rise at 110 and drop at 90.
So here we are at mid-August and the CMI is at 332.5. This week we blew past the previous record set in 2005 at 312.9.
Supply: The available inventory continues to be extremely low, nearly 64% below normal. Active listings are down nearly 41% year over year. Our demand is over 20% above normal.
Prices: Up over 10% month over month and 15% year over year. The median sales price is $319,490, up 3% month over month and 12.5% year over year.
I personally am experiencing this with a client who is a first-time home Buyer. We have been previewing so many houses, putting in several offers (most over asking price) and not getting an accepted offer. It is super competitive right now and houses do not stay on the market for more than one day!
I love my job and I love helping my clients!