Ironwood Village

Supply grew 0.6% last month, which is below normal but gives buyers 37% more homes to choose from than last year. However, 30-year mortgage rates over 7% are limiting demand. Positive signs include an 8.5% increase in under contract listings from last month, although they're still down 6.3% from last year. April’s closed sales were higher than last year and last month, but this is partly due to more working days in April 2024 compared to April 2023. Adjusting for this, closed sales per working day actually fell 4.7% year-over-year.

Pricing favors sellers, with the average price per square foot up nearly 10% from last year, and the median sale price up almost 6%. Despite high interest rates and prices, the market is resilient, with demand for move-in-ready homes remaining strong. This trend benefits fix-and-flip investors due to reduced competition. The Cromford® Market Index is slightly above the balanced zone, indicating a relatively stable market. Central valley areas benefit from tight supply, keeping sellers in control, while markets like Maricopa and Buckeye favor buyers due to competition from new homes. The market outlook for May remains sensitive to mortgage rate changes.

Information provided by The Cromford® Report © 2024