Market Update

 Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities:

This table tells us that the cooling market trend is still accelerating, with an average CMI decline of -33% which compares unfavorably with -28% last week.

The weakening demand and rising supply now applies to almost every market segment, and certainly to all 17 of the largest cities. Paradise Valley saw the smallest decline in its CMI but it is still down 22% compared to a month ago. The worst affected are Avondale, Gilbert, Queen Creek and Cave Creek, all down by 37% or more, while Phoenix is down 35%.

No city is over 400, even though, back in March, 14 of the 17 cities were over 400. March feels like a very long time ago.

Sellers need to be fully aware of how much of their advantage has disappeared. Be nice to buyers.

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If you're familiar with the CMI you can't help but notice all those red button down arrows - favoring buyers vs. green button up arrow favoring sellers. 

Since today's Cromford Daily Observation specifically references the cities 'worst affected' (in a month-over-month comparison) by a Sellers Market in an 'accelerating cooling', I thought I'd provide the respective visual gauges that most dramatically show the Supply vs. Demand Indices creating the Market Index: 

'Worst affected' ~

Least affected ~

Top 3 'Sellers Market' cities ~

Takeaway ~ The Daily Observation says it best: 'Sellers need to be made aware just how much of their advantage has disappeared'. 

So yes, 'be nice to buyers'!

Quotable: Keep in mind the first offers are historically the best offers, as they're coming from the most motivated buyers. 

I call them 'the hoverers' - those buyers waiting for that next best value; who know there's always competition for the best (in any market); and who will subsequently pay the most.