September Update Highlights
September 05, 2024
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
Supply | 26% below normal 16,531 total +57.7% YOY |
Demand | 27% below normal -2.8 points MOM |
Avg LP/SF – Weekly Average | All Active $343.50 Under $1M $254.96 |
Avg Sales Price/SF – Monthly Average | $290.85 +3.1% YOY Under 2,500 sf (80% of sales in ARMLS) +3% YOY 4,164 Sales Over 2,500 sf (20% of sales in ARMLS) $342.82 Avg/SF +6.8% YOY 1,037 Sales |
New Listings | 7,979 in August (including Coming Soon) +8% YOY |
Closed Sales | 5,150 in August -1% YOY |
Listings Under Contract | 6,398 last week -4% YOY |
Days on Market at Contract | 36 DOM in August +16 days YOY |
Median Sales Price | $447,000 +2% YOY |
Annual Avg Sales Price/SQFT Appreciation | Total $290.85 # Sales 5194 +3.1% 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 Reductions | 7,869 month total +41.6% +648 MOM |
Sales Over Asking Price | 16% -5% YOY |
Concessions | Total Sales 55% +11% YOY Median $10,000 +$1,900 YOY (mostly West Valley) |
Sale Price/List Price Ratio | 97.7% -0.2% YOY |
Contract Ratio | 41.1 Supply +57% Under Contract -4% |
Cancellations | 1,651 in July Luxury Market (over $1M) 244 |
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:
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.