Detailed Look At Recent Stats

Welcome back to WilliamsLuxuryHomes.com! In this post, we're going to share the latest stats regarding the real estate markets in 17 cities/areas in the Greater Phoenix area. All data is provided via CromfordReport.com. The Cromford Report provides detailed data and analysis on the Greater Phoenix residential resale real estate market. It is updated daily, aiming to present timely and informative market data not available elsewhere with such detail and frequency. The report tracks various metrics like sales prices, price appreciation, days on market, supply vs demand, percentage of listings selling before expiring, and more. This data helps answer questions about current market conditions compared to the past, which areas are hottest, realistic pricing, and future market direction.

Having said that? Let's have a look the latest stats for 'The Valley', shall we?

Today We Are Taking A Look At CMI Stats From May 2024

CMI For The Overall Valley

The Cromford Market Index (CMI) is a proprietary index created by the Cromford Report to signal the overall health and direction of the Greater Phoenix market. As an example, a declining CMI signals a downturn in market conditions for sellers and vice versa. Anything above 110 is considered a seller's market while anything below 90 is considered a buyer's market (with 100 being an even market). Additionally, when it comes to the Supply and Demand Index, anything above 110 is HIGH SUPPLY while anything above 110 is HIGH DEMAND.

All data is this section was from May 13th, 2024.

• For the entire Phoenix Metro, as of May 13th, 2024, the CMI was 109.7
• The Supply Index was 72.7
• The Demand Index was 79.7
• It is worth noting the Supply and Demand Index are nearly the same.

Also Read: Why Are House Prices Still Rising In A Difficult Year Such As 2024?

For The Entire Phoenix Metro, As Of May 13th, 2024, The CMI Was 109.7

Cities Ranked By Market Index

Here's the detailed Cromford Market Index (CMI) data for different cities as of May 2, 2024. This detailed list shows the current market index, the percentage change from the previous month, and the market index from the last month for each city/area. Chandler has the highest CMI (seller's market) while Buckeye has the lowest (buyer's market).

1 - Chandler

• Market Index Now: 219.5
• Change: +5%
• Market Index Last Month: 209.6

2 - Gilbert

• Market Index Now: 179.5
• Change: +3%
• Market Index Last Month: 175.1

We want to notate that there are INCREDIBLE opportunities in the Gilbert real estate market right now.

3 - Glendale

• Market Index Now: 165.4
• Change: -4%
• Market Index Last Month: 173.0

4 - Avondale

• Market Index Now: 161.6
• Change: +6%
• Market Index Last Month: 152.1

5 - Mesa

• Market Index Now: 160.9
• Change: +2%
• Market Index Last Month: 157.5

6 - Fountain Hills

• Market Index Now: 158.7
• Change: +2%
• Market Index Last Month: 155.0

7 - Phoenix

• Market Index Now: 155.0
• Change: +2%
• Market Index Last Month: 151.7

8 - Tempe

• Market Index Now: 149.3
• Change: -4%
• Market Index Last Month: 156.4

9 - Scottsdale

• Market Index Now: 132.1
• Change: +4%
• Market Index Last Month: 126.5

10 - Peoria

• Market Index Now: 125.6
• Change: +13%
• Market Index Last Month: 111.6

11 - Paradise Valley

• Market Index Now: 113.8
• Change: +22%
• Market Index Last Month: 93.4

12 - Surprise

• Market Index Now: 93.0
• Change: -3%
• Market Index Last Month: 96.0

13 - Goodyear

• Market Index Now: 89.5
• Change: +9%
• Market Index Last Month: 82.2

14 - Cave Creek

• Market Index Now: 87.1
• Change: -8%
• Market Index Last Month: 94.5

15 - Queen Creek

• Market Index Now: 75.2
• Change: -11%
• Market Index Last Month: 84.3

16 - Maricopa

• Market Index Now: 68.0
• Change: -9%
• Market Index Last Month: 74.7

17 - Buckeye

• Market Index Now: 65.1
• Change: +1%
• Market Index Last Month: 64.7

Chandler Was The Strongest Performing City With A CMI Of 219.5

Key Takeaways From The Data

With all this data from the 17 cities/areas, we've put together some key Arizona real estate market takeaways. Here they are in bullet point format:

• Highest Market Index: Chandler at 219.5
• Lowest Market Index: Buckeye at 65.1
• Middle Cities: Tempe (149.3) and Scottsdale (132.1)
• Largest Monthly Increase: Paradise Valley at +22%
• Largest Monthly Decrease: Queen Creek at -11%
• Average Market Index This Month: 129.4
• Overall Positive Changes: 10 cities/areas
• Overall Negative Changes: 7 cities/areas
• Notable Opportunity: Chandler's strong market growth at 219.5 CMI and +5% growth
• Notable Opportunity: Gilbert's strong market growth at 179 CMI and+3% growth
• Average CMI Change (Counting All 17 Cities/Areas): +1.88%

Paradise Valley Had The Largest CMI Change (Month Over Month) At +22%

Williams Luxury Homes

WLH is a boutique brokerage based out of Scottsdale, Arizona. We cater primarily to the East Valley including the Gilbert, Phoenix, Tempe, Mesa, Cave Creek, Arcadia, Tempe, Chandler, and Paradise Valley real estate markets. We are deeply involved in this market and truly care about helping our clients understand it. Via doing blogs such as the one found above, we provide HELPFUL CONTENT. To get our best advice, a phone convo goes a long way. We know most of the top developers and agents in this market. And we discover prime opportunities for our clients. With that said, should you want to learn more, feel free to contact us using the below contact form.