Phoenix area real estate market prices normalized a bit last month despite record low inventory which continues to be a challenge. After experiencing year over year price growth of 24% in October, last months year over year growth was 17%, which is still very high, but is at least a move in the right direction in terms of sustainable growth. There is still a heavy backlog of buyers in the market so inventory is anticipated to stay low for the foreseeable future. The complete, latest numbers are below.
The overall average home price in November compared to October decreased by 2.9%, moving from $436,454 to $424,135. The increase over November 2019 was 17.7%. The average sale price as a percentage of the listing price was 99%, and the average days on the market was 37. The average price per square foot decreased to $219.
Inventory decreased again to 6,006 homes for sale, and the number of homes sold decreased to 8,630. This means that there is still less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices stayed the same. The percentages of available homes are: $0-$150,000 (6% of the market), $150,000-$250,000 (13%), $250,000-$500,000 (40%), $500,000+ (41%).
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 November compared to October, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $445,458 to $454,464 (2%)
Anthem - Decreased from $467,061 to $460,288 (1.5%)
Apache Junction - Increased from $248,434 to $265,971 (7.1%)
Avondale - Increased from $293,639 to $297,115 (1.1%)
Buckeye - Increased from $313,734 to $317,860 (1.3%)
Casa Grande - Increased from $226,327 to $233,501 (3.1%)
Cave Creek - (Median Price) Decreased from $575,000 to $549,000 (4.5%)
Chandler - Decreased from $454,271 to $420,438 (7.5%)
Florence - Increased from $248,426 to $255,106 (2.7%)
Fountain Hills (Median Price)- Decreased from $518,400 to $490,000 (5.5%)
Gilbert - Increased from $450,391 to $463,548 (2.9%)
Glendale - Decreased from $329,774 to $329,703 (0.1%)
Goodyear - Increased from $372,546 to $374,667 (0.6%)
Litchfield Park - Decreased from $441,085 to $435,155 (1.4%)
Maricopa - Increased from $277,849 to $285,007 (2.6%)
Mesa - Increased from $347,562 to $347,708 (0.1%)
Paradise Valley (median price) -Increased from $1,985,000 to $2,195,000 (10.5%)
Peoria - Decreased from $393,659 to $412,038 to $409,525 (0.7%)
Phoenix - Decreased from $395,493 to $377,267 (4.7%)
Queen Creek - Decreased from $459,295 to $459,062 (0.1%)
San Tan Valley - Increased from $307,583 to $307,758 (0.1%)
Scottsdale - Increased from $782,706 to $789,105 (0.8%)
Sun City - Increased from $257,744 to $273,039 (5.9%)
Sun City West - Increased from $296,154 to $319,855 (8.1%)
Surprise - Decreased from $326,749 to $324,343 (0.8%)
Tempe - Decreased from $373,375 to $370,893 (0.7%)
