May Update Highlights
May 01, 2025
Presented on May 1, 2025
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
ARMLS APPRECIATION BY PRICE RANGE
| Price Change | 2024 April $/SF | 2025 April $/SF | % Difference |
| Under $300K | $197.38 | $186.33 | -5.6% |
| $300-400K | $236.56 | $231.29 | -2.2% |
| $400-500K | $245.40 | $242.80 | -1.1% |
| $500-600K | $264.09 | $264.06 | 0 |
| $600-800K | $287.88 | $289.56 | +0.6% |
| $800K-1M | $318.09 | $329.65 | +3.6% |
| $1-1.5M | $383.07 | $396.52 | +3.5% |
| $1.5-2M | $475.89 | $467.10 | -1.8% |
| $2-3M | $571.22 | $566.77 | -0.8% |
| Over $3M | $831.45 | $826.99 | -0.5% |
| $308.84 | $304.97 | -1.3% |
NUMBER OF SALES BY PRICE RANGE
| Price Range | 2024 Apr Count | 2025 Apr Count | % Difference |
| Under $300K | 668 | 693 | +3.7% |
| $300-400K | 1,176 | 1,341 | +14% |
| $400-500K | 1,109 | 1,193 | +7.6% |
| $500-600K | 693 | 666 | -3.9% |
| $600-800K | 685 | 692 | +1% |
| $800-$1M | 334 | 317 | -5.1% |
| $1-1.5M | 257 | 249 | -3.1% |
| $1.5-2M | 96 | 121 | +26% |
| $2-3M | 84 | 75 | -10.7% |
| Over $3M | 74 | 69 | -6.8% |
| Total | 5,176 | 5,416 | +4.6% |
| Cromford Market Index | S77.3 -2.6 pts in last 30 days (in favor of buyers) Supply Index Trend 106.3 +5.5 pts in last 30 days Demand Index Trend 82.1 +1.5 pts in last 30 days |
| Avg LP/SF – Weekly Average | All Active $304.97/SF -1.3% YOY 5,380 Sales Past Years 2024 – $308.84 2023 – $281.74 2022 – $305.20 |
| Closed Sales | 5,416 in April +4.6% YOY |
| Accepted Contracts – Weekly Counts | 1,692 overall Up 13.6% YOY >$1M 140 55+ Communities 87 (Sun City, Sun City West, Sun Lakes) $250,000 to $500,000 price range saw the biggest spike – 1,196 last week +22.9% YOY |
| Appreciation – Median Sales Price | $450,000 +2.3% YOY |
| Median Rental Rates | 1200-1500 SF $1,944 1500-2000 SF $2,149 |
| Accepted Contracts – Weekly Counts | 1,087 |
| Days on Market at Contract | 38 DOM in October +8 34 DOM in April +8 days YOY Past Years 2024 – 26 2023 – 28 2022 – 7 |
| Median Sales Price | $446,263 -1.8% YOY |
| Price Reductions | 1,401 last month +9.1% YOY |
| Sales Over Asking Price | 15.5% in November 15% in April -2% YOY |
| Seller-paid Concessions | 53% of November Sales Overall 50% of April Sales +5% YOY Median Cost $10,000 +781 YOY $350-400K ranked highest 63% had concessions $10,440 median concession amount |
| Sale Price/List Price Ratio | April 2025 97.6% -0.2% YOY 5,519 total sales -$11,040 on a $460,000 home April 2024 97.8% 6,645 total sales -$10,120 on a $460K home |
| Contract Ratio | 35.2 Under Contract 8,589 -3.2% YOY Active Count 24,390 +54.2% YOY Past Years 2024 – 56.1 2023 – 83.8 2022 – 192.6 |
| Closed through April 25th | 5,416 +4.6% YOY |
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I’ve been in the business for more than thirty years and have experienced nearly every state of the market. If I can be of service, please don’t hesitate to reach out! Please click here to reach me via email or call me at 602-361-6400.