Cromford Market update for October 20 - Here is this week's snapshot of the market throughout Maricopa county. If you are interested in a personalized valuation specific to your neighborhood, please give me a call.

The first dashboard illustrates the market index. A market index of 100 indicates a balanced market. Once the index goes above 110 it indicates a seller's market. Our supply is about 64% below normal and our demand is 30% above normal.

This chart compares 2020 to past years. In 2005 it took 8 months to come down to a balanced market. It is reasonable to expect at least 10 months before we come back to balance, however, we haven't rounded that corner yet, the market is still rising.

There is nothing normal in 2020 as we already know. Typically there is seasonal slowing in the fall leading to the holidays, not this year, contracts continue to rise.

Our market today is the opposite of 2007 which had record numbers of listings with very low demand. 2020 is the opposite with very low inventory and high demand.

Are you or anyone you know facing forbearance? There will be 800,000 nationwide coming due in about 30 days. There are many options available if you have a pending forbearance to leave your credit intake. Please contact me asap if you are facing this situation.

I hope you find these graphs interesting and helpful. Please let me know if you have any questions.