Southeast Valley Real Estate Market Update For YTD 2018

The Cromford Report is an aggregator of MLS data and public real estate records. Its analysts meet monthly with Phoenix real estate agents to present trends and to unpack dynamics of the local sub-markets in the Valley.

I attended a presentation this afternoon by Tina Tamboer, a senior housing analyst for The Cromford Report. The focus of this presentation at Peoples Mortgage headquarters in Tempe was the Southeast Valley.

Here are the takeaways from Tina’s presentation:

• Low inventory for entry-level homes under $200,000 in areas like Mesa, Gilbert and Chandler is still the theme du jour
• Buckeye and Mesa lead the list of Phoenix metro communities in new construction single-family sales for YTD 2018
• The Southeast Valley (Mesa, Gilbert, Chandler, Apache Junction, San Tan Valley, Queen Creek) represents 30% of all Phoenix metro resale transaction volume YTD
• New home sold transactions in Pinal County is up 39% over vs. 2017
• Resale sold transaction volume in Sun Lakes has dropped off precipitously
• Single-family home prices in most communities in the southeast Valley are seeing between 3.0- 3.5% annual appreciation
• Fewer single-family homes for sale this year as compared to 2017
• Mesa ranks #5 community in the metro for multi-family building permits YTD 2018 behind #1 Tempe and #3 Scottsdale

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The leading edge in evidence presentation is in science; the leading edge in beauty is in high art. – Edward Tufte, American educator at Yale and noted pioneer in the field of data visualization