The Cromford Report is a monthly snapshot of the Phoenix housing market. If you are in the industry, or thinking about buying a home, it is a great resource. Below is a summary of the December report, but you can download the full version in our Arizona mortgage resource center.
Greater Phoenix – Single Family Detached
- Except above $800,000, sales prices in $/SF are now higher than a year ago.
- Inventory is falling again for all price ranges.
- Above $400,000 demand remains relatively weak.
- Lender-owned inventory is still falling and REOs are losing market share in sales.
- Active short sales are fewer in number, with normal listings gaining market share.
1. Homes under $100,000
Summary: Low supply conditions heavily influencing the market. Sales prices are now 6.9% higher than last year.
2. Homes Between $100,000 and $200,000
Summary: Supply and demand both move lower. Pricing is still moving up.
3. Homes Between $200,000 and $400,000
Summary: Supply has fallen and sales are perking up. Pricing remains extremely stable.
4. Homes Between $400,000 and $800,000
Summary: Supply is down but demand not very strong. Prices stable.
5. Homes over $800,000
Summary: Supply has stopped growing but demand remains weak. Prices remain remarkably stable.