There are changed happened in the Phoenix Real Estate housing market. The housing reports in 2014 had indicated a fairly consistent buyers market over the last fifteen months. All of that is now change. This version of our housing report will provide accurate information and increase your knowledge.
The Phoenix Multiple Listing Service (MLS) provides a ton of information. However, the best clearinghouse for statistical information in our area comes from the Cromford Report.
The Cromford Market Index is a value that provides a small term forecast for the balance of the market. It is resulting from the trends in a waiting list, active and sold listings compared with historical data over the previous four years. Values below hundred indicate a home buyer's market, while values above hundred indicate a seller's market. A value of hundred indicates a balanced market.
We are at present in a seller's market because the demand for home, while a little below normal, is outpacing the current supply. The below chart shows housing demand has increased 6.5% from last February (2015). Short term housing demand is up 22.5% from the 4,791 sales in January 2015.
Home supply is below normal levels. 26,000 listings are normal for the Phoenix area Multiple Listing Service (MLS), a city area with approximately 4,500,000 people. Year-over-year supply is down 11.5%. The number of listings is down 2% from our last housing report in February 2015.
