With over 21 years of experience in real estate, I've witnessed Maricopa County undergo a profound transformation in its population, adding over a million residents. This sustained growth has significantly influenced the real estate market, particularly in supply and demand dynamics and pricing trends.
In 2003, when I started, the county had approximately 33,000 listings, a number that has since dropped to about 18,000 active listings. This decrease in available properties has intensified competition among buyers, leading to upward pressure on prices. The influx of new residents has further fueled this trend, as the demand for housing continues to exceed the available supply.
Recent market data highlights the evolving nature of the real estate landscape. The average change in the Cromford® Market Index (CMI) over the past month is +0.3%, indicating a slight shift towards a stronger seller's market. This index offers valuable insights into the balance between supply and demand, with higher values indicating a more favorable market for sellers.
Of the 17 cities analyzed, 10 are currently classified as seller's markets, with 3 considered balanced and 4 leaning towards a buyer's market. Specific cities have seen significant shifts in market favorability. Tempe, Goodyear, and Paradise Valley are among those experiencing the biggest moves in favor of sellers, while Fountain Hills, Queen Creek, and Cave Creek are moving towards a more favorable market for buyers.
These trends highlight the long-term impact of population growth on the real estate market in Maricopa County. As the population continues to grow, understanding these dynamics will be crucial for buyers and sellers alike in navigating the evolving market conditions.
