Phoenix Area Housing Market Observation...

Mar 17, 2015 by

Cromford Daily Observation ~ The number of active listings for Greater Phoenix (excluding UCB) is 21,829 which seems quite reasonable, if a bit on the low side. However the picture looks rather different when we break it down into price ranges. Below $150,000 we have only 3,708 listings and the trend is sharply down. There were 5,754 on the same date last year and 4,372 as recently as January 20. Anyone wanting to buy a home is this price range is going to have an increasingly hard time. There have been 1,660 closed sales in the last 4 weeks in this price range, so today’s supply represents only 2.2 months of supply. Between $150,000 and $250,000 we have 5,711 listings and the trend is sharply down. There were 7,500 on the same date last...

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Market Summary for the Beginning of February...

Feb 3, 2015 by

January was a mixed bag. Supporting the pessimists we saw weaker sales counts than last year (down 1.7%) and lower prices than in December (median down 1.0%, $/SF down 0.8%). We also witnessed the pending listing count failing to beat last year, though it did rise 27.7% during January. Supporting the optimists, the active listing count (excluding UCB) rose only 6% during January and remains 6.2% below the same point in 2014. More importantly, the under contract count rose 30.5% during January and finally overtook last year, beating it by 2.1%. Overall it looks like a reasonable but not at all spectacular start to the year. Supply remains weak, especially at the affordable end of the market. At the top end supply is starting to pack on weight and sellers of luxury homes are...

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S&P/ Case-Shiller® Update...

Nov 10, 2014 by

Another release for the S&P / Case-Shiller® Home Price Index® with prices rising more slowly. The data relates to sales that occurred between June and August 2014 and changes over the last month were as follows: Detroit +0.85% Dallas +0.55% Denver +0.52% Las Vegas +0.49% New York +0.42% Atlanta +0.39% Chicago +0.36% Portland +0.34% Miami +0.30% Minneapolis +0.29% Cleveland +0.27% Tampa +0.19% Phoenix +0.18% Boston +0.11% Washington DC +0.01% Seattle +0.00% Los Angeles -0.02% San Diego -0.08% Charlotte -0.0% San Francisco -0.44% These changes were very small compared with recent years suggesting price stabilization is occurring. Compared with a year ago there are still some fairly large upward movements, but most of these look like they are losing momentum fast. Miami +10.46% Las Vegas +10.12% San Francisco +8.96% Dallas +7.32% Portland +7.25% Detroit +7.01% Los...

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Cromford Report – Scottsdale Luxury Market Update...

Nov 7, 2014 by

The Cromford Report shows how the Scottsdale Luxury Home Market Monthly Average Sales Price per Square foot has been climbing since 2010. There are ups and downs but overall price/square foot has...

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