March was a very active month for home sales, with over 9,500 homes sold in the Phoenix area. More notable however, for the first time in many months, new home listings outpaced home sales, meaning inventory increased, albeit slightly. While this is good news for the housing market, it is far too slight of a change, and only a one month data point. Next month's report will paint a more clear picture of whether this is a trend or a temporary event. The complete, latest numbers are below.
The overall average home price in March compared to February increased by 2.4%, moving from $570,803 to $584,429. The year over year increase over March 2021 was 22.4%. The average sale price as a percentage of the listing price was 102% (meaning on average homes are selling for 2% above the asking price), and the average days on the market was 28. The average price per square foot increased to $338.
Inventory increased slightly to 4,236 homes for sale, and the number of homes sold increased to 9,513. 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 experienced some changes, with homes priced at $500,000 and above increasing as a percentage of inventory. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (4%), $250,000-$500,000 (36%), $500,000+ (56%).
Foreclosures and short sales continue to stay at their record low rates of 0.1% 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 $592,085 to $603,591 (1.9%)
Anthem - Increased from $583,668 to $626,123 (7.3%)
Apache Junction - Decreased from $339,291 to $325,348 (4.1%)
Avondale - Increased from $425,576 to $438,753 (3.1%)
Buckeye - Increased from $430,281 to $473,816 (10.1%)
Casa Grande - Increased from $346,880 to $354,132 (2.1%)
Cave Creek - (Median Price) Increased from $761,000 to $838,888 (10.2%)
Chandler - Increased from $580,180 to $587,759 (1.3%)
Florence - Increased from $329,516 to $334,430 (1.5%)
Fountain Hills (Median Price)- Decreased from $699,000 to $640,000 (8.5%)
Gilbert - Increased from $609,418 to $659,446 (8.2%)
Glendale - Increased from $445,805 to $473,412 (6.2%)
Goodyear - Increased from $534,265 to $540,203 (1.1%)
Laveen - Increased from $479,797 to $496,823 (3.5%)
Litchfield Park - Increased from $594,440 to $652,225 (9.7%)
Maricopa - Increased from $395,694 to $405,826 (2.5%)
Mesa - Increased from $457,710 to $460,509 (0.6%)
Paradise Valley (median price) -Increased from $2,982,750 to $3,200,000 (7.3%)
Peoria - Increased from $523,293 to $553,158 (%5.7)
Phoenix - Increased from $520,366 to $526,087 (1.1%)
Queen Creek - Increased from $632,822 to $656,345 (3.7%)
San Tan Valley - Increased from $457,381 to $478,326 (4.6%)
Scottsdale - Increased from $1,079,842 to $1,115,829 (3.3%)
Sun City - Increased from $347,111 to $354,408 (2.1%)
Sun City West - Increased from $414,652 to $423,928 (2.2%)
Surprise - Increased from $462,549 to $463,704 (0.2%)
Tempe - Increased from $491,321 to $507,776 (3.3%)
