How’s The Market? 

If you’ve been wondering how the market is shaping up, here’s a quick snapshot:

     ·      Active Listings: Currently at 21,593 compared to 15,981, this time last year, an increase of 35%.

     ·      Under Contract Listings: 6,393 versus 5,867 last year – up 9%.

     ·      Median Sales Price: $450,000, up 2.5% from $439,000 last year.

In November 2024, we had 21 working days compared to 22 in November 2023. Typically, this would suggest a 4.5% annual decline in closings. Instead, we saw an 11% increase – a strong indicator that demand may be stabilizing.

Demand and Supply Trends

o   Demand: Signs of improvement are emerging. The Cromford® Demand Index climbed to 77 from its September low of 73.1.

o   Supply: Meanwhile, the Cromford® Supply Index rose from 75 to 89, giving buyers more options but increasing competition for sellers.

What Does This Mean for Prices?

Pricing is steady, with the monthly average price per square foot for closed listings holding nearly flat compared to last year. However, with the Cromford® Market Index below 90 and a contract ratio around 30, there’s little upward pricing pressure. In some areas, particularly the outskirts of Greater Phoenix, downward pressure persists. (Courtesy of The Cromford Report)

Buying in Clemente Ranch

If you are thinking about buying a home in South Chandler, specifically Clemente Ranch, you'll want to check out this 5 min. video! If you live in the neighborhood and are just curious to learn more and or see the area from a different perspective this is also for you!