The months of February through May are typically the most active in the Phoenix area real estate market, and this month's numbers show that the season is off to another extremely strong start. Home sales and prices jumped sharply as demand from a growing population base continues to fuel the increases. The complete, latest numbers are below.
The overall average home price in March increased by 3.7%, moving from $333,623 to $345,892. The increase over March 2018 was 7.6%. The average price per square foot stayed steady at $167.
Inventory decreased slightly to 16,315 homes for sale, while the number of homes sold jumped by almost 25% to 8,028. The numbers indicate that there is just a 2 month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed exactly the same. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (20%), $250,000-$500,000 (45%), $500,000+ ($32%).
Foreclosures and short sales continue to stay at their record low rates of 0.6% of the market and 0.2% 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 $352,582 to $374,980 (6.4%)
Anthem - Increased from $339,704 to $371,467 (9.4%)
Avondale - Decreased from $255,188 to $245,535 (3.8%)
Buckeye - Decreased from $262,835 to $256,622 (2.4%)
Cave Creek - (Median Price) Increased from $468,000 to $510,000 (8.9%)
Chandler - Increased from $342,238 to $353,571 (3.3%)
Fountain Hills (Median Price)- Decreased from $384,500 to $380,000 (1.1%)
Gilbert - Increased from $352,148 to $375,577 (6.7%)
Glendale - Decreased from $265,858 to $258,982 (3.6%)
Goodyear - Increased from $305,911 to $320,757 (4.9%)
Litchfield Park - Increased from $336,397 to $365,331 (8.6%)
Maricopa - Increased from $218,635 to $224,922 (2.9%)
Mesa - Decreased from $280,956 to $273,294 (2.8%)
Paradise Valley (median price) -Increased from $1,375,000 to $1,470,000 (6.9%)
Peoria - Decreased from $327,304 to $312,987 (4.4%)
Phoenix - Increased from $299,729 to $302,265 (0.8%)
Queen Creek - Decreased from $378,154 to $360,146 (4.8%)
San Tan Valley - Decreased from $253,922 to $246,745 (2.9%)
Scottsdale - Increased from $602,835 to $608,756 (9.8%)
Sun City - Increased from $216,452 to $230,374 (6.4%)
Sun City West - Increased from $252,945 to $267,374 (5.7%)
Surprise - Decreased from $275,098 to $273,966 (0.4%)
Tempe - Increased from $295,148 to $298,238 (1%)
