The 2015 Phoenix Area Sellers Market has been in full swing since early March. You can read our Market Reports here. But what are the absolute hottest cities? The answers might surprise you.
It’s not Phoenix, Chandler, or Scottsdale. The top 3 honors go to Avondale, Surprise, and Glendale. The West side of the Valley of the Sun rocks it.
The below chart shows the rank for June (middle column). It also shows May’s ranking (far right column). You can see Surprise overtook Glendale in June for the 2nd spot.
Cromford Market Index™ is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer’s market, while values above 100 indicate a seller’s market. A value of 100 indicates a balanced market.
Basically, we’re in a seller’s market because Phoenix area housing inventory is way below normal levels. 24% below normal inventories to begin July 2015.
What does it take to be #1 in the 2015 Phoenix Area Sellers Market? Here are some statistics as of July 9, 2015:
Active MLS listings: 244 properties
Sales per month: 142 homes (58%)
Listings under contract: 210 properties
“Sold” days on market: 47
Active MLS listings: 563 properties
Sales per month: 314 homes (55.8%)
Listings under contract: 417
“Sold” days on market: 69
Active MLS listings: 698 properties
Sales per month: 358 homes (51.3%)
Listings under contract: 495 properties
“Sold” days on market: 52
I think the most impressive statistic in the 2015 Phoenix Area Sellers Market is the one labeled “listings under contract.” Expressed as a ratio of under contract/active listings Avondale is at an impressive 86%. Surprise is at 74.1%. Glendale is at 70.9%.