The Phoenix real estate market is officially back on a growth trend, showing price increases for the third straight month. February through May are traditionally the busiest months in this market, but projections were that this spring would be much slower than recent years, but so far that has not materialized. Given the current trend, it appears likely that price increases will continue for the remainder of the spring. The complete, latest numbers are below.
The overall average home price in March compared to February increased by 3.8%, moving from $529,063 to $549,028. The year over year decrease over March 2022 was 6.1%. The average sale price as a percentage of the listing price was 98% (meaning on average homes are selling for 2% below the asking price), and the average days on the market was 75. The average price per square foot increased to $331.
Inventory decreased to 11,479 homes for sale, and the number of homes sold increased to 7,140. This means that there is less than a two month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed relatively the same. The percentages of available homes are: $0-$250,000 (8% of the market), $250,000-$500,000 (44%), $500,000-$750,000 (23%), $750,000+ (25%).
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 $489,407 to $580,980 (18.7%)
Anthem - Increased from $527,628 to $573,727 (8.7%)
Apache Junction - Increased from $305,185 to $305,233 (0.1%)
Avondale - Increased from $396,512 to $398,867 (0.5%)
Buckeye - Increased from $403,061 to $417,115 (3.5%)
Casa Grande - Increased from $317,577 to $328,742 (3.5%)
Cave Creek - (Median Price) Increased from $710,000 to $749,000 (5.5%)
Chandler - Decreased from $570,210 to $552,812 (3.1%)
Florence - Decreased from $331,357 to $312,920 (5.6%)
Fountain Hills (Median Price)- Increased from $547,500 to $641,000 (17.1%)
Gilbert - Increased from $581,500 to $609,780 (4.9%)
Glendale - Increased from $406,668 to $461,300 (13.4%)
Goodyear - Increased from $496,240 to $503,622 (1.5%)
Laveen - Decreased from $457,193 to $442,629 (3.2%)
Litchfield Park - Increased from $549,315 to $604,483 (10.1%)
Maricopa - Decreased from $356,165 to $353,952 (0.7%)
Mesa - Increased from $408,023 to $428,889 (5.1%)
Paradise Valley (median price) -Decreased from $3,025,000 to $2,900,000 (4.2%)
Peoria - Increased from $498,589 to $519,478 (4.2%)
Phoenix - Increased from $478,949 to $510,657 (6.6%)
Queen Creek - Increased from $577,941 to $646,227 (11.8%)
San Tan Valley - Increased from $412,602 to $423,467 (2.6%)
Scottsdale - Decreased from $1,135,182 to $1,066,029 (6.1%)
Sun City - Increased from $290,081 to $298,850 (3.1%)
Sun City West - Increased from $392,628 to $394,463 (0.4%)
Surprise - Decreased from $445,849 to $419,568 (5.9%)
Tempe - Decreased from $458,196 to $441,643 (3.6%)
