Arizona Real Estate: What's Going on with the Market?

I've been reviewing the latest Cromford? Market Index data (from November 21, 2024), and some significant shifts are happening across the Arizona real estate market. The numbers tell some pretty interesting stories, whether you're actively buying, selling, or just keeping tabs.

Let's dive into the details and see what's happening in different areas across the Valley.

Chandler: Leading the Pack ??

First up, Chandler is crushing it with a 7% increase in its market index, now sitting at 136.7. This shows a clear trend: Chandler's market is still strong and in high demand. If you're considering buying or selling here, this could be a sign that it's still a seller's market. There is a little higher competition for sure, but with that comes the potential for good returns if you're making a move. Keep an eye on Chandler if you're looking for stable growth!

Fountain Hills: Taking a Hit ??

Now, not all areas are experiencing such a boom. Fountain Hills is facing a steep decline—28% from last month. This brings its market index down to 131.4. That's a significant drop, and while Fountain Hills has typically been known for its luxury homes and quiet, scenic living, it looks like the market might be cooling off a bit. If you've been eyeing properties here, you might see a few opportunities with less competition, but it's worth keeping an eye on whether this trend continues.

Scottsdale & Mesa: A Little Cooling Off ???

Scottsdale and Mesa are also seeing some declines, though less drastic than Fountain Hills. Scottsdale dropped 7% (now at 116.9), and Mesa saw an 8% drop (now at 103.8). Both cities still have strong markets overall, but this could signal a softening in terms of pricing and demand. For buyers, this means less competition and better negotiating power. Sellers might need to adjust expectations slightly, as those high prices from last year might not hold up quite as firmly.

Phoenix: Holding Steady ???

Phoenix is in an exciting spot—it's not growing like Chandler, but it's also not dropping like Fountain Hills. We're seeing a 2% increase, putting its market index at 114.6. This is what I'd call a stable market, and stability can be excellent for investors. Phoenix offers a mix of opportunities—whether you're looking for something urban or suburban, it remains a solid option for buyers and sellers. So, if you're eyeing Phoenix, expect things to stay relatively balanced.

Cave Creek: A Quiet Boom ??

Cave Creek is one of the more surprising areas, with a 7% increase, bringing its market index to 114.2. This is an excellent reminder that even in a fluctuating market, some areas are seeing growth. Cave Creek offers a more relaxed vibe and plenty of outdoor appeal, which might be driving demand for homes here. If you're looking for space, a little peace, and scenic views, this might be a perfect time to jump in before the prices rise even further.

Surprise: Not So Surprising for Buyers ??

Surprise is in a tough spot right now. The market index has dropped by 11% to 73.6. This seems like bad news, but it's actually an opportunity for buyers. With prices falling and less competition, it could be the perfect time to find a deal. It's a bit more of a buyer's market now, and sellers might not get the premium prices they hoped for earlier in the year.

Queen Creek & Maricopa: Cooling but Still Strong ??

Queen Creek and Maricopa have decreased—6% for Queen Creek (index now at 65.4) and 9% for Maricopa (now at 60.8). While these are drops, they're still far from a market crash. If you've been looking for more affordable options in the Valley, these areas could still be good bets. Yes, they're seeing some softening, but they remain relatively active overall.

Buckeye: A Steep Drop ???

Finally, let's talk about Buckeye, which saw the most significant drop—12%—bringing its market index to 53.7. This is a pretty big shift and suggests that demand might be slowing down here. For buyers, this could mean more favorable pricing, especially if you're willing to jump in before the market corrects itself. It's a good example of how market conditions can vary greatly depending on the area.

So, What's the Big Takeaway? ??

The Arizona market is anything but static right now. Some areas, like Chandler and Cave Creek, are booming, while others are seeing declines, such as Fountain Hills and Buckeye. Understanding where these shifts are happening will give you a real advantage if you're looking to buy, sell, or invest. Every neighborhood has its rhythm and knowing whether it's an excellent time to act can make all the difference.

As always, stay informed, monitor trends, and ensure that your strategy matches the market.

What are you seeing in your area? Let's discuss it in the comments—I always love hearing other perspectives!

Cheers,

Jaki