The spring months are easily the best months for real estate sales in the Phoenix area, and this year is no exception. Real estate values have gone up gradually as inventory has depleted over the past 4 to 6 weeks.
The overall average home price in March increased by 1.7%, moving from $288,418 to $293,331. The increase over March 2016 was 7.4%. The average price per square foot increased to $172.
Inventory decreased slightly to 17,290 homes for sale, and the number of sold homes increased to 8,891. This indicates that there is a 2 month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available stayed relatively even this month. The percentages of available homes are: $0-$150,000 (7% of the market), $150,000-$250,000 (23%), $250,000-$500,000 (40%), $500,000+ ($30%).
Foreclosures and short sales continue to stay at their record low rates of 0.9% of the market and 0.8% respectively. They continue to be an insignificant portion of the market.
Here is a breakdown of the market changes, based on average sale price in March compared to February, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $299,888 to $340,074 (13.4%)
Anthem - Decreased from $332,191 to $317,851 (4.4%)
Avondale - Increased from $207,830 to $211,963 (2%)
Cave Creek - (Median Price) Increased from $400,000 to $440,000 (10%)
Chandler - Increased from $300,775 to $322,413 (7.2%)
Fountain Hills (Median Price)- Increased from $343,500 to $367,500 (7%)
Gilbert - Increased from $314,110 to $317,671 (1.1%)
Glendale - Increased from $225,124 to $227,237 (0.9%)
Goodyear - Increased from $260,368 to $268,014 (2.9%)
Maricopa - Increased from $180,780 to $185,687 (2.7%)
Mesa - Increased from $233,280 to $234,720 (0.6%)
Paradise Valley (median price) -Increased from $1,120,000 to $1,453,000 (29.7%)
Peoria - Decreased from $289,150 to $284,248 (1.7%)
Phoenix - Increased from $256,379 to $270,440 (5.5%)
Queen Creek - Decreased from $293,301 to $283,783 (3.3%)
San Tan Valley - Increased from $195,095 to $212,297 (8.8%)
Scottsdale - Increased from $529,398 to $529,624 (0.1%)
Sun City - Increased from $185,548 to $192,680(3.8%)
Sun City West - Decreased from $226,704 to $225,239 (0.7%)
Surprise - Increased from $230,599 to $235,130 (1.9%)
Tempe - Decreased from $282,572 to $275,839 (2.4%)
