Sellers still have the advantage in the vast majority of markets but not their bargaining power, which is not getting stronger.
As of September 17, 2015, we have seen the Cromford® Market Index (CMI) barely moving upwards. A positive rise or increase in the index indicates our market is in favor of sellers looking to sell real property.
Even with the overall market seeing a only a slight increase, some markets are seeing quite a gain in the Cromford® Market Index (CMI) than others. Some of there markets are Paradise Valley where there is a 17% in the index as compared to same time last month as well as Maricopa and Glendale with a 15% and 8% increase respectively.
The changes are very small for some of the largest cities like Phoenix and Mesa, but it is true that the overall Cromford® Market Index for the is no longer rising. In fact is it barely moving, meaning that sellers still have the advantage in the vast majority of markets but their bargaining power is no longer increasing.
From the table above we can see that Queen Creek and Cave Creek are close to a balanced market (between 90 and 110) with little advantage remaining for sellers. — Cromford Report
It is still a Seller’s Market looking at the overall picture.
Home owners and property owners in our market have a better chance of selling today than they did a year ago as indicated by an increase of 37.7 points in the Cromford® Market Index (CMI).
The Phoenix Area real estate market has seen more closed transactions that we did a year ago, we have only 3.4 months supply of inventory compared to 4.2 months supply same time last year and we have a little over 3000 less homes on the market today than we did last year.