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Greater Phoenix Real Estate Market Update – Oct. 11, 2022

Continuing Correction Seen

Ever since the overall housing market began to cool back in April 2022, we've been keeping up to date on stats and trends. If you take a look back through Greater Phoenix real estate news updates, you'll see we've been posting data (as well as our thoughts) quite regularly since the change began. Today we will provide more data which seems to suggest the market is going to continue to trend in favor of buyers. Aka the data supports Greater Phoenix may likely continue to slide into further of a buyer's market.

  • Something To Note

Greater Phoenix is broken into 17 area/cities. As we've continued to share, some areas are fairing better than others. For the sake of these blogs, we calculate everything based on current reports from The Cromford Report (a leading data company in Arizona). Combining extensive data, The Cromford Report uses what is called The Cromford Index. This index determines the overall health and status of a market.

  • 0-90 = buyers market
  • 90-110 = balanced market
  • 110-500 = sellers market

In The Cromford Report's Latest Update

  • 9 cities are now considered buyer's markets
  • Only 4 cities were considered seller's markets
  • 4 cities were in the 'even market' range

Paradise Valley Had The Biggest CMI Drop

While Paradise Valley is still the strongest-performing market in all of Greater Phoenix, it did see the biggest CMI percentage drop (month over month). With a CMI of 198.3 on 9/8, it fell 13% to 171.4 on 10/6. This 13% marks the biggest CMI drop in all 17 measures cities/areas of Greater Phoenix. While 171.4 is still a SELLER'S MARKET, and the best one in the valley, this drop shows NO AREA is safe from adjustment.

  • Additionally

The lowest CMI as of 10/6 belonged to Buckeye. Care to guess what it was? 51.3. That is considered a STRONG BUYER'S MARKET. Other hard-hit areas include Queen Creek (53.7) and Maricopa (60.8). Meanwhile, Fountain Hills, Scottsdale, and Cave Creek rounded out the TOP-4 performing markets in Greater Phoenix.

Should you want a complete list of all the data fell free to contact us.

Also Read: What We Want You To Know About Why We Do Real Estate

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