June 4 – It is time to take another look at how the 17 largest cities (by dollar volume) are faring. Using the Cromford® Market Index for single family homes we get the following table showing changes over the last month:
Making the most progress in favor of sellers over the last month are:
- Avondale, going from strength to strength due to very weak supply and improving demand. Avondale is down to 1.6 months of supply
- Goodyear, formerly one of the weakest parts of the strong West Valley, Goodyear’s supply is dropping fast while demand is growing. Goodyear has 2.4 months of supply
- Paradise Valley, closed sales were extremely high in May, enough to bring the active listing count back down from the 400’s to the 300’s. Only 6.2 months of supply is unusually low for PV.
- Fountain Hills, recovering fast from a dismal winter and early spring, sales have been very strong in May bringing months of supply down to 4.7 from 9.0 last month
Although 2 of the 17 cities (Tempe & Scottsdale) went backwards over the last month, Scottsdale turned around last week and is now showing signs of starting an up trend.
Among the next tier of cities, Apache Junction, Sun City, Sun City West and Casa Grande have all been showing great improvement.
There really is little sign of significant weakness anywhere, as the positive sentiment spreads to more areas and price ranges.