Local market ‘precarious’ for buyers and sellers, expert says

By Paul Maryniak | Arizonan

Driven by iBuyers and investors that are gobbling up substantial numbers of houses, Valley home buyers and sellers may be entering a disquieting and even “precarious” period while renters are facing a continuing rise in rents, judging by the latest observations by a leading analyst of the Phoenix Metro market.

The Cromford Report outlined a series of trends from August sales and listings that likely won’t bring many smiles to anyone but landlords.

“Many surprising changes have occurred in the market over the past month,” Cromford said as it reported that the average sale price per square foot soared by 27.9 percent between August 2019 and last month, up from $194.97 to $249.31.

That pushed up the monthly median sales price in the same time period by 23.4 percent, from $325 to $401,000.
Several developments in August caught the Cromford Report’s eye, particularly a decline in new listings that appears to have been driven by a spending spree by large investors and iBuyers.

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