The best description of the Phoenix area housing market last month was very stable. The typical holiday slowdown was absent, and despite the overall market staying about the same pricing wise, several suburbs showed strong gains. The complete, latest numbers are below.
The overall average home price in November increased by 0.3%, moving from $329,537 to $330,527. The increase over November 2017 was 5.9%. The average price per square foot decreased to $164.
Inventory stayed almost exactly the same at 16,164 homes for sale, while the number of homes sold decreased slightly to 6,247. The numbers indicate that there is just a 2.5 month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed exactly the same, with homes priced under $150,000 remaining scarce. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (22%), $250,000-$500,000 (47%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.5% of the market and 0.3% 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 November compared to October, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $338,606 to $379,029 (11.9%)
Anthem - Decreased from $344,624 to $342,433 (0.7%)
Avondale - Decreased from $234,431 to $229,729 (2.1%)
Buckeye - Increased from $246,346 to $257,379 (4.5%)
Cave Creek - (Median Price) Increased from $510,000 to $510,000 (0%)
Chandler - Decreased from $345,562 to $339,846 (1.7%)
Fountain Hills (Median Price)- Decreased from $386,000 to $351,500 (9%)
Gilbert - Increased from $348,392 to $354,952 (1.9%)
Glendale - Decreased from $261,159 to $249,705 (4.4%)
Goodyear - Increased from $306,640 to $303,080 (1.2%)
Maricopa - Decreased from $216,290 to $215,863 (0.2%)
Mesa - Decreased from $276,376 to $268,332 (3%)
Paradise Valley (median price) -Increased from $1,295,000 to $1,575,000 (22%)
Peoria - Decreased from $324,043 to $323,492 (0.2%)
Phoenix - Decreased from $310,081 to $308,162 (0.6%)
Queen Creek - Decreased from $370,827 to $351,422 (5.3%)
San Tan Valley - Increased from $254,378 to $257,038 (1%)
Scottsdale - Decreased from $592,387 to $579,689 (2.2%)
Sun City - Increased from $216,749 to $224,058 (3.4%)
Sun City West - Increased from $258,752 to $274,652 (6.1%)
Surprise - Increased from $263,380 to $270,762 (2.8%)
Tempe - Increased from $294,952 to $312,288 (5.9%)
