BUSINESS SCOTTSDALE PROGRESS | WWW.SCOTTSDALE.ORG | JANUARY 23, 2022 25
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Housing market situation ‘desperate’ for buyers BY PAUL MARYNIAK Progress Executive Editor
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he word du jour for the Valley’s housing market is “desperate,” according to a leading analyst of the Phoenix Metro region. “This market desperately needs more homes to buy,” the Cromford Report said last week, adding that “without a significant increase in the number of homes for sale, any hope of halting the brisk rate of price increases is likely to be crushed.” And brisk it is, according to the Cromford Report’s rating of home prices in the Valley’s 17 major cities that is based on a variety of factors to create an index in which the higher the number above 100, the more the market is tilted in sellers’ favor. Only Buckeye moved toward 100 – and thus more favorable to sellers – and its index number was 237, higher only than
This 4,350-square-foot equestrian facility on E. Dixileta Drive in Scottsdale recently sold for just under $8.5 million and sits on the 18-acre Ruckman Ranch. It includes four living spaces as well as 67 stalls, three barns, an arena and outdoor track, and other amenities and the sale price equaled $1,952 per square foot. (Special to the Progress)
that of Maricopa. In 11 of those 17 cities, Cromford’s market index was above 400 with Fountain Hills leading the way at 723. Phoenix was at 426. Even more startling, according to the Cromford Market Index, seven cities saw
their market position increase by more than 20 percent in a month. Those cities included Tempe, Goodyear, Surprise, Phoenix, Gilbert, Avondale and Scottsdale. Stating “the momentum in favor of sellers is growing,” the report noted
“some increase in the number of homes available to rent.” But those are houses that big investors took off the market and converted into rental. Additionally, it said, many brand-new homes are being purchased to either convert into a rental or to immediately flip for a profit.” Simply put, it added, “demand is not the controlling factor.” “The market is showing almost no sign of turning in favor of buyers,” the report said. “The bad supply situation is getting worse. Or at least worse from a buyer’s perspective.” “In January we should be seeing a lot of new listings piling up ready for the surge of buyers arriving after the Super Bowl is done,” it continued. “But we are not getting more supply, it is already going lower than at the start of the year.
see MARKET page 26
State hails new Scottsdale Community Bank PROGRESS NEWS STAFF
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he Arizona Department of Insurance and Financial Institutions has hailed the opening of Scottsdale Community Bank – which obtained the state’s first independent bank charter in more than 14 years. “Scottsdale Community Bank’s willingness to invest in Arizona demonstrates the state’s strong position as a great place to do business and the need for continued banking expansion. Community banks continue to perform a significant role in the country’s banking sector, and I welcome this addition to Arizona’s banking community,” said DIFI Director Evan Daniels. The newly chartered full-service commercial bank opened at 8767 E.
The board of the new Scottsdale Community Bank includes people with extensive backgrounds in banking, business, non-profit, and public service, including long-time Scottsdale and Arizona community leaders, the bank’s vice president said. (Special to the Progress)
Via De Ventura after receiving final regulatory approval from both the state and the Federal Deposit Insurance Corporation.
Boasting “personalized financial services while leveraging market opportunity with small and medium-size businesses, especially those wishing
to pursue product offerings with local decision-making and concern for the
see BANK page 27
