Market Summary
December 21, 2016
Michael Orr
Journal Columnist
Founder and Owner, Cromford® Report
Each month in 2017, I will be creating a chart to illustrate how the Greater Phoenix housing market is changing. At the end of each quarter, I will then provide a written market summary of that quarter and how it compared to twelve months earlier.
This month, I am looking at how the Southeast Valley and Pinal County are improving for sellers compared with the rest of the market. From the chart below, you can see that the overall market saw a slight decline in active listings between December 1, 2015 and December 1, 2016. The quarterly sales rate for September through November was 16 percent stronger in 2016 than 2015. The Southeast Valley had the strongest increase in sales rate at 20 percent, while Phoenix & the North Valley had the weakest at 10 percent. The big difference for the Southeast Valley is the dramatic 12 percent fall in active listings since 12 months ago. In contrast, the West Valley has seen a strong increase of 7 percent.
From a seller’s perspective, the Southeast Valley is significantly out-performing the overall market, as is Pinal County, though to a lesser degree. The West Valley has weakened because of increased inventory while the Northeast Valley, Phoenix and the North Valley are slightly under-performing the sales growth seen in the overall market.
