After the hot seller’s market through the unicorn years of early 2020s, activity has flattened out since the end of 2023, with buyers and sellers both taking a more measured approach. Local market indicators like the Cromford Market Index have recently climbed to around 88.8, marking a notable uptick (~5.6 points) from the prior month and signaling movement back toward a more balanced environment (though still cooler than a seller’s market). At the same time, available inventory levels have been contracting toward what we’d consider more normal seasonal levels, suggesting some tightening of supply after an extended period of abundance. This normalization trend is typical for this time of year as fewer homes come to market over holidays and early winter.
Despite these supply improvements, buyer demand remains softer than usual, a trend mirrored across the broader Greater Phoenix region. Lingering uncertainty over interest rate direction and the broader political and economic landscape are likely dampening buyer urgency, keeping overall contract activity and competitive bidding under historical norms. In many submarkets, buyers are exercising more patience, and sellers are adjusting expectations accordingly, prompting longer days-on-market and more negotiated deals rather than bidding wars.
Based off current trends we are expecting the usual seasonal trend of increased sales as the weather warms back up into Spring time.
Take a look at the local stats below from last month.
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