The Phoenix area real estate market continued it's strong push through the holidays as shown in the January results, which are actually a reflection of the number of homes that went under contract in December. The numbers, despite a small dip in the volume of homes sold, continue to be impressive. The complete, latest numbers are below.
The overall average home price in January compared to December increased by 1.2%, moving from $366,024 to $370,520. This was one of the larger increases of the year. The increase over January 2019 was 11.1%. The average price per square foot decreased to $194.
Inventory decreased again to 9,609 homes for sale, and the number of homes sold decreased to 6,090. The numbers indicate that there is much less than a two month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed relatively steady last month, with the exception of a slight uptick in homes above $500,000. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (14%), $250,000-$500,000 (42%), $500,000+ (40%).
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 January compared to December, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $380,793 to $345,453 (9.3%)
Anthem - Increased from $356,204 to $369,112 (3.6%)
Avondale - Decreased from $261,349 to $257,123 (1.7%)
Buckeye - Decreased from $272,266 to $265,402 (2.6%)
Cave Creek - (Median Price) Increased from $492,000 to $510,000 (3.7%)
Chandler - Decreased from $386,669 to $378,552 (2.1%)
Fountain Hills (Median Price)- Increased from $398,800 to $414,000 (3.8%)
Gilbert - Increased from $385,428 to $390,656 (1.3%)
Glendale - Increased from $278,527 to $281,397 (1.1%)
Goodyear - Decreased from $337,624 to $330,621 (2.1%)
Litchfield Park - Increased from $361,612 to $381,098 (5.4%)
Maricopa - Increased from $233,672 to $235,448 (0.7%)
Mesa - Increased from $289,886 to $296,654 (2.3%)
Paradise Valley (median price) -Decreased from $1,757,000 to $1,650,000 (6.1%)
Peoria - Decreased from $357,778 to $352,384 (1.6%)
Phoenix - Decreased from $335,717 to $327,242(2.6%)
Queen Creek - Decreased from $391,646 to $383,258 (2.2%)
San Tan Valley - Increased from $274,914 to $283,653 (3.1%)
Scottsdale - Decreased from $667,146 to $644,428 (3.5%)
Sun City - Decreased from $247,513 to $245,112 (1.1%)
Sun City West - Decreased from $293,150 to $286,603 (2.3%)
Surprise - Decreased from $292,392 to $288,884 (1.2%)
Tempe - Increased from $314,408 to $330,758 (5.2%)
