Phoenix area home prices experienced another small dip last month, after seeing a fairly large increase in the month prior. Large month over month increases are becoming slightly harder to predict, but one thing that is absolutely certain is that the inventory of available homes remains critically low. Although inventory often lowers during the holidays, the extent of the limited inventory indicates that prices are not going to decline in any meaningful way in the near future. The complete, latest numbers are below.
The overall average home price in November compared to October decreased by 0.7%, moving from $523,592 to $519,752. The year over year increase over November 2020 was 23%. The average sale price as a percentage of the listing price was almost exactly 100% (meaning on average homes are selling right at the asking price), and the average days on the market was 31. The average price per square foot increased to $299.
Inventory decreased substantially to 5,900 homes for sale, and the number of homes sold increased slightly to 8,349. This means that there is 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 exactly the same. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (5%), $250,000-$500,000 (45%), $500,000+ (48%).
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 $511,961 to $536,195 (4.7%)
Anthem - Decreased from $591,874 to $550,091 (7.1%)
Apache Junction - Decreased from $341,818 to $341,408 (0.2%)
Avondale - Increased from $392,048 to $399,705 (1.9%)
Buckeye - Increased from $418,606 to $429,467 (2.6%)
Casa Grande - Decreased from $323,357 to $308,344 (4.7%)
Cave Creek - (Median Price) Increased from $675,000 to $699,500 (3.6%)
Chandler - Increased from $522,757 to $528,498 (1.1%)
Florence - Decreased from $330,213 to $304,179 (7.9%)
Fountain Hills (Median Price)- Decreased from $594,000 to $574,000 (3.4%)
Gilbert - Increased from $580,559 to $609,329 (4.9%)
Glendale - Increased from $411,384 to $415,736 (1.1%)
Goodyear - Increased from $472,585 to $504,456 (6.7%)
Laveen - Increased from $444,152 to $468,214 (5.4%)
Litchfield Park - Increased from $551,869 to $640,543 (16.1%)
Maricopa - Increased from $368,019 to $375,776 (2.1%)
Mesa - Decreased from $428,774 to $411,491 (4.1%)
Paradise Valley (median price) -Decreased from $2,500,000 to $2,150,000 (14%)
Peoria - Decreased from $498,700 to $485,564 (2.7%)
Phoenix - Decreased from $471,956 to $471,483 (0.2%)
Queen Creek - Decreased from $652,696 to $601,702 (7.9%)
San Tan Valley - Increased from $435,814 to $438,994 (0.7%)
Scottsdale - Decreased from $987,078 to $882,940 (10.6%)
Sun City - Increased from $332,641 to $340,748 (2.4%)
Sun City West - Increased from $399,191 to $399,346 (0.1%)
Surprise - Increased from $431,326 to $432,858 (0.3%)
Tempe - Decreased from $471,842 to $434,958 (7.9%)
