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

Supply26% below normal
+2 points MOM
+52.4 YOY!
Demand22% below normal
-1.4 points MOM
New Listings8,594 in May (including Coming Soon)
+19% YOY
Closed Sales7,072 in May
-8% from 7,687 YOY
Listings Under Contract7,805 last week
-7% YOY
Daily Closed Sales Rate321
down 28 YOY
Days on Market27 DOM at contract in May
+5 days YOY
Median Sales Price$455,000
+4% YOY
Annual Avg Sales Price/SQFT AppreciationTotal
+5% YOY

Under 2,500 sf (80% of sales in ARMLS)
+4.2% YOY
Over 2,500 sf (20% of sales in ARMLS) 
+6.4% YOY
Price Reductions13% in the last week of May
9,088 month total
haven’t seen that many in May since 2014
Sales Over Asking Price18%
Concessions47% – total sales
$9,450 – median
higher than normal; 38-40% typical during this time of year
Sale Price/List Price Ratio97.9% 
Cancellations1,500
haven’t seen that many in a month since 2016
  • We are now in a strong Balanced Market. 
  • We are experiencing a major shift in the marketplace, which will affect the advice you give to your sellers.
  • Our market metrics are now most similar to 2014/2015, our last real balanced market.
  • 11/17 major cities are Seller’s Markets. 2/17 are in balance, and 4/17 are Buyer’s Markets. Most cities have weakened over the past month.
  • We will continue to see luxury activity decline through summer. 
  • If mortgage rates drop, we may not see a drop as significant in accepted contracts as is seasonally normal.
  • If we move into a Buyer’s market, we could see more downward pressure on prices. 
  • The West Valley is primed for tremendous growth – with emerging employment centers and planned housing centers.

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.