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West USA Realty

 

April, 2021 Phoenix area real estate report

 

 

The Phoenix area real estate market remained extremely active last month, with a major increase in homes sold over the month prior. Inventory finally increased slightly, although not in an amount necessary to make much of an impact on the market. After increasing slighly over the last 60 days, interest rates dipped again. The complete, latest numbers are below.

 

The overall average home price in March compared to February increased by 2.4%, moving from $466,394 to $477,768. The increase over March 2020 was 25.8%. The average sale price as a percentage of the listing price was 101% (meaning on average homes are selling above the asking price), and the average days on the market was 33. The average price per square foot increased to $239.

 

Inventory increased very slightly to 3,915 homes for sale, and the number of homes sold increased significantly to 9,801. This means that there is much less than a one month supply of homes on the market, which is an extremely strong seller's market.

 

The breakdown of home prices did not experience significant changes last month. The percentages of available homes are: $0-$150,000 (6% of the market), $150,000-$250,000 (10%), $250,000-$500,000 (40%), $500,000+ (44%).

 

Foreclosures and short sales continue to stay at their record low rates of 0.2% of the market and 0.1% 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 $468,306 to $520,298 (11.1%)
    Anthem - Decreased from $550,423 to $545,235 (1.0%)
    Apache Junction - Increased from $269,879 to $300,811 (11.4%)
    Avondale - Increased from $316,267 to $329,770 (4.2%)
    Buckeye - Increased from $352,260 to $368,321 (4.6%)
    Casa Grande - Increased from $260,005 to $263,189 (1.2%)
    Cave Creek - (Median Price) Increased from $573,000 to $705,000 (23%)
    Chandler - Increased from $467,100 to $492,196 (5.3%)
    Florence - Increased from $244,384 to $280,790 (14.9%)
    Fountain Hills (Median Price)- Decreased from $505,000 to $501,500 (0.7%)
    Gilbert - Increased from $480,147 to $520,959 (8.5%)
    Glendale - Increased from $346,056 to $351,731 (1.6%)
    Goodyear - Increased from $402,243 to $423,335 (5.2%)
    Litchfield Park - Increased from $448,094 to $482,437 (7.6%)
    Maricopa - Increased from $297,338 to $317,953 (6.9%)
    Mesa - Increased from $360,754 to $362,487 (0.4%)
    Paradise Valley (median price) -Increased from $2,100,000 to $2,474,500 (17.8%)
    Peoria - Increased from $419,537 to $432,766 (3.1%)
    Phoenix - Increased from $405,517 to $412,575 (1.7%)
    Queen Creek - Increased from $484,993 to $500,699 (3.2%)
    San Tan Valley - Increased from $331,514 to $359,471 (8.4%)
    Scottsdale - Increased from $894,805 to $902,239 (0.8%)
    Sun City - Increased from $272,194 to $285,320 (4.8%)
    Sun City West - Increased from $313,362 to $333,373 (6.4%)
    Surprise - Increased from $347,250 to $356,594 (2.7%)
    Tempe - Increased from $373,152 to $386,536 (3.6%)



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