I hope you and your loved ones are staying healthy and safe during this epidemic. The next couple of months of real estate market reports will be interesting. So far, all of the evidence is pointing to the Phoenix real estate market staying strong through all of this. The numbers in the upcoming months will tell the entire story, but so far everything appears to be trending at a fairly normal pace. The complete, latest numbers are below.
The overall average home price in March compared to February increased by 0.8%, moving from $381,159 to $384,382. The increase over March 2019 was 11%. The average price per square foot decreased to $201.
Inventory increased to 11,974 homes for sale, and the number of homes sold also increased to 8,2278. The numbers indicate that there is much less than a two month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices changed slighly last month, with inventory between $250,000 and $500,000 increasing. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (15%), $250,000-$500,000 (46%), $500,000+ (34%).
Foreclosures and short sales continue to stay at their record low rates of 0.5% 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 $380,808 to $422,623 (10.9%)
Anthem - Increased from $413,157 to $450,606 (9.1%)
Avondale - Increased from $256,965 to $275,575 (7.2%)
Buckeye - Decreased from $284,786 to $277,081 (2.3%)
Cave Creek - (Median Price) Decreased from $545,000 to $492,500 (9.6%)
Chandler - Decreased from $394,839 to $389,440 (1.4%)
Fountain Hills (Median Price)- Decreased from $434,900 to $410,000 (5.3%)
Gilbert - Decreased from $424,768 to $419,998 (1.1%)
Glendale - Decreased from $294,802 to $283,255 (3.9%)
Goodyear - Increased from $336,555 to $340,419 (1.1%)
Litchfield Park - Increased from $389,534 to $404,782 (3.9%)
Maricopa - Increased from $235,441 to $240,445 (2.1%)
Mesa - Increased from $312,060 to $312,696 (0.2%)
Paradise Valley (median price) -Increased from $1,450,000 to $1,570,000 (8.2%)
Peoria - Increased from $347,481 to $353,554 (1.7%)
Phoenix - Increased from $321,351 to $353,996 (10.1%)
Queen Creek - Increased from $411,475 to $415,974 (1.1%)
San Tan Valley - Decreased from $283,562 to $280,110 (1.2%)
Scottsdale - Decreased from $714,910 to $706,292 (1.2%)
Sun City - Increased from $246,477 to $246,978 (0.1%)
Sun City West - Decreased from $292,111 to $285,185 (2.4%)
Surprise - Increased from $290,265 to $301,563 (3.9%)
Tempe - Increased from $328,534 to $359,962 (9.6%)
