After experiencing the largest price increase of the year in October, the Phoenix market topped that number in November. The large increase was surprising given the time of year and given that the total number of homes sold was actually lower, but the declining number of available homes for sale continues to be a key driver in increasing prices. The complete, latest numbers are below.
The overall average home price in November compared to October increased by 3.7%, moving from $351,060 to $364,187. The increase over November 2018 was 9.9%. The average price per square foot increased to $189.
Inventory decreased sharply to 11,503 homes for sale, and the number of homes sold decreased slightly to 6,691. The numbers indicate that there is less than a two month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed very steady this month. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (16%), $250,000-$500,000 (44%), $500,000+ (36%).
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 November compared to October, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $366,094 to $379,599 (3.7%)
Anthem - Increased from $394,878 to $415,526 (5.2%)
Avondale - Decreased from $264,790 to $259,516 (2%)
Buckeye - Increased from $261,867 to $272,720 (4.1%)
Cave Creek - (Median Price) Increased from $446,990 to $520,000 (16.3%)
Chandler - Increased from $379,342 to $382,310 (0.7%)
Fountain Hills (Median Price)- Decreased from $424,000 to $390,000 (8.1%)
Gilbert - Increased from $385,779 to $391,375 (1.5%)
Glendale - Increased from $276,049 to $287,675 (4.2%)
Goodyear - Increased from $323,703 to $325,832 (0.7%)
Litchfield Park - Decreased from $376,311 to $374,839 (0.4%)
Maricopa - Increased from $229,738 to $235,129 (2.3%)
Mesa - Decreased from $304,360 to $296,677 (2.5%)
Paradise Valley (median price) -Increased from $1,135,000 to $1,600,000 (41%)
Peoria - Increased from $332,608 to $348,943 (4.9%)
Phoenix - Decreased from $327,001 to $324,509 (0.8%)
Queen Creek - Decreased from $389,685 to $357,146 (8.4%)
San Tan Valley - Decreased from $280,165 to $266,909 (4,8%)
Scottsdale - Increased from $593,982 to $645,108 (8.6%)
Sun City - Increased from $233,839 to $239,772 (2.5%)
Sun City West - Increased from $268,791 to $283,861 (5.6%)
Surprise - Increased from $282,699 to $283,912 (0.4%)
Tempe - Increased from $321,985 to $338,123 (5%)
