May Update Highlights
May 02, 2024
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
| Supply | 15,832 +37.7% YOY |
| Demand | 79.6 |
| Accepted Contracts | 1736 – 7.8% YOY best weekly opening since May 23 |
| Days On Market At Contract | 26 -2 YOY |
| Median Sales Price | $455,000 +$26,000 + 6.1% YOY |
| Annual Avg Sales Price/SQFT Appreciation | Total $309.10 | 5677 homes +9.7% YOY Under 2,500 sf (80% of sales in ARMLS) $271.57 | 4519 homes +6.2% YOY +21.5% since April 2021 Over 2,500 sf (20% of sales in ARMLS) $382.11 | 797 homes +14.1% YOY +4.5% since April 2021 |
| New Single-family Permits | 2804 +588 YOY |
| New Home Sales | 5383 +10% YOY |
| Sales Over Asking Price | 17% +1% YOY |
| Concessions | 9150 45% – total sales $9,100 – median +$50 YOY |
| Sale Price/List Price Ratio | 97.9% (2.1% below asking) |
- CPI: While it’s rising for the country, we are below the national average
- Major Housing Authorities’ Mortgage Rate Q2 Forecast Average is 6.5%.
- Purchasing a home is the best way to hedge inflation.
- Affordability remains a major issue.
- 10 of the 17 major cities (+6 smaller municipalities) are Seller’s Markets; 4 of 17 are in Balance; 3 of 17 are Buyer’s Markets.
- Peoria and the Deer Valley area are seeing a surge in development growth
- New homebuilders are seeing major success as they don’t truly compete with resale.
- Balanced Markets are where savvy REALTORS® come into play. Prepare your sage advice!
- Tina predicts that we’ll see one last Luxury hurrah before everything shuts down for the summer.
- Flip slowdown – margins are getting squeezed.
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.