November Update Highlights
November 07, 2024
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
| Supply | 13,452 total +39.2% YOY Supply Index Trend 85.8 14% below normal +6.5 pts in last 30 days |
| Demand | Demand Index Trend 76.7 23% below normal +1.8 pts in last 30 days |
| Avg LP/SF – Weekly Average | All Active $356.61 Under $1M $262.56 |
| Avg Sales Price/SF – Monthly Average | $291.10 -1.8% YOY Under 2,500 SF (80% of sales) $266.41/SF +0.6% YOY 4,317 Sales Over 2,500 SF (20% of sales) $338.97 Avg/SF -5.6% YOY 1,111 Sales |
| New Listings | 8,712 in October (including Coming Soon) +13.5% YOY |
| Closed Sales | 5,419 in October +12.1% YOY |
| Listings Under Contract | 4,659 last week +12.1% YOY |
| Accepted Contracts – Weekly Counts | 1,356 |
| Days on Market at Contract | 41 DOM in October 2 days YOY |
| Median Sales Price | $450,000 +2.3% YOY 1,200 – 1,500 SF $375,000 Range: $158,000 – $1,050,000 1500 – 2000 SF $430,000 Range: $222,000 – $1,695,000 |
| Price Reductions | 9,020 last month -5,822 from October 2022 +11.8% YOY |
| Sales Over Asking Price | 16% in September -3% YOY |
| Seller-paid Concessions | 54% of October Sales +9% YOY Median $10,000 +$1,000 YOY |
| Sale Price/List Price Ratio | 97.8% -0.2% YOY |
| Contract Ratio | 40.7 |
| Listing Success Rate | 73% Sold 27% Cancelled/Expired $250-400K: 79% Over $2M: 55% |
| Price Negotiations | 97.8% of October sales had price reductions 5,423 total sales |
- We are now in a Buyer’s Market, but a few cities (Fountain Hills, Chandler, Scottsdale, Gold Canyon, El Mirage, and Tolleson) are still in Seller’s markets.
- Demand is not declining at this time. If you have a listing that is sitting, it is due to inventory increasing and more competition in the marketplace.
- Listings under contract are up 12% YOY, but supply is also up 39%. Supply will start to drop over the holidays.
- The market has only been this favorable for buyers twice over the last 10 years: for 17 weeks in 2014 and 9 weeks in 2022.
- Days on Market at Contract is at a median of 41 days. This is much higher than the historically normal range, which is 26-29 days.
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.