See below for Cromford:
Anyone attempting to buy a residential property in Greater Phoenix for less than $500,000 is currently finding relatively little choice and very strong competition from other buyers. This is particularly true for those buyers who need financing, who are often losing out to the large number of cash purchasers unless they are willing to bid significantly higher. Selling, however, is relatively easy, in a market where pricing is moving up and supply is very tight.
There are currently 13,657 single family homes that are listed as Active in the MLS for the entire Valley with dwindling notices of foreclosures:
To put the current levels of foreclosure in context we need to compare January 2012 to January 2011:
- New Notices of Trustee Sale: 3,483 versus 6,784 - down 48.7%
- Trustee Sales: 2,677 versus 4,523 - down 40.8%
Despite a severe imbalance between supply and demand, reflected in the rise in the Cromford Market Index™, current pricing is fairly stable after recovering from the weakness of July through September 2011. However the recent sharp rise in the Cromford Market Index™ suggests a more significant upward price movement could possibly appear later in 2012 or in early 2013.
Bottom line is be aware of the declining inventory and prediction of rising prices!
