Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™

Supply25% below normal
16,135 total
+62.1% YOY
Demand26% below normal
-2.8 points MOM
Avg LP/$SF – Weekly AverageAll Active $349.85
Under $1M $256.48
New Listings6,603 in July (including Coming Soon)
+3% YOY
Closed Sales4,934 in July
-10.8% YOY
Listings Under Contract6,728 last week
-8.5% YOY
Days on Market at Contract33 DOM in July
+13 days YOY
Median Sales Price$445,000
+1.4% YOY
Annual Avg Sales Price/SQFT AppreciationTotal $291.17
# Sales 4684 +3.3% YOY

Under 2,500 sf (79% of sales in ARMLS)
+1.8% YOY
Over 2,500 sf (21% of sales in ARMLS) 
+4.8% YOY
Price Reductions8577 month total
+630 MOM
Sales Over Asking Price17%
-5% YOY
ConcessionsTotal Sales 52%
+9% YOY

Median
$9,600
+$1200 YOY99.2% $300-500K price range (mostly West Valley)
Sale Price/List Price Ratio97.6% 
2.4% below asking price
Contract Ratio47.7
Supply +62.1%
Demand -8.5%
Cancellations1,544 in June
hasn’t been this high in June since 2014

Luxury Market (over $1M) also had record-high cancellations in June
  • We are now in a Balanced Market. 
  • The influx of supply we’ve experienced this year, paired with higher mortgage rates, is most affecting our market conditions. 
  • We are now in a window of opportunity for a not-so-perfect buyer. Those buyers now have an audience of sellers who are getting impatient. If rates come down, those not-so-perfect buyers will experience more competition from stronger buyers.
  • 9 of 17 major cities are in Seller’s Markets. 2 of 17 are in balance, and 6 of 17 are Buyer’s Markets. All but two cities have weakened over the past month.

Bison Ventures is proud to offer the Bison Refinance Program, designed to empower our agent partners and motivate prospective buyers. This initiative addresses buyer concerns over fluctuating mortgage rates, making now an opportune time to buy.

Benefits for Agents:

  • Ease Buyer Concerns: Highlight the opportunity for no-fee refinancing after six on-time payments of their new mortgage, helping clients look past current rates.
  • Stand Out: Differentiate your services by offering financial pathways that lead to savings and more affordable homeownership.
  • Foster Client Trust: The option to refinance within three years promotes long-term planning and positions you as a trusted advisor.
Partner with Bison Ventures: Let’s collaborate to turn the dream of homeownership into reality for more buyers. Contact us to learn how the Bison Refinance Program can be a game-changer for your business.

Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.