Phoenix area real estate prices continued their steady climb last month. Fueled by low inventory and historically low interest rates, the market continues to be unbalanced and in need of significantly more home listings in order to absorb the backlog of buyers. The complete, latest numbers are below.
The overall average home price in January compared to December increased by 2.8%, moving from $435,254 to $447,280. The increase over January 2020 was 22.1%. The average sale price as a percentage of the listing price was 99.5%, and the average days on the market was 42. The average price per square foot decreased to $209.
Inventory decreased sharply to 3,993 homes for sale, and the number of homes sold also decreased to 6,995. This means that there is much less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices showed stability last month. The percentages of available homes are: $0-$150,000 (8% of the market), $150,000-$250,000 (12%), $250,000-$500,000 (37%), $500,000+ (43%).
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 January compared to December, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $453,463 to $417,630 (7.9%)
Anthem - Increased from $447,958 to $530,524 (18.4%)
Apache Junction - Increased from $280,546 to $281,646 (0.4%)
Avondale - Decreased from $301,398 to $298,915 (0.8%)
Buckeye - Increased from $355,340 to $362,363 (1.9%)
Casa Grande - Increased from $240,031 to $258,852 (7.8%)
Cave Creek - (Median Price) Increased from $633,000 to $635,000 (0.3%)
Chandler - Increased from $443,331 to $456,463 (2.9%)
Florence - Increased from $242,075 to $244,310 (0.9%)
Fountain Hills (Median Price)- Increased from $493,000 to $544,900 (10.5%)
Gilbert - Decreased from $473,038 to $471,491 (0.3%)
Glendale - Increased from $323,825 to $338,218 (4.4%)
Goodyear - Decreased from $394,113 to $367,793 (6.7%)
Litchfield Park - Decreased from $431,726 to $431,093 (0.2%)
Maricopa - Increased from $276,532 to $283,045 (2.3%)
Mesa - Increased from $345,353 to $353,800 (2.4%)
Paradise Valley (median price) -Increased from $1,902,000 to $2,025,000 (6.4%)
Peoria - Increased from $393,659 to $392,370 to $438,638 (11.8%)
Phoenix - Decreased from $385,955 to $383,587 (0.6%)
Queen Creek - Increased from $465,999 to $492,927 (5.8%)
San Tan Valley - Increased from $332,341 to $344,927 (3.8%)
Scottsdale - Increased from $827,320 to $848,247 (2.5%)
Sun City - Increased from $269,576 to $281,350 (4.3%)
Sun City West - Decreased from $318,302 to $307,095 (3.5%)
Surprise - Increased from $328,659 to $334,848 (1.9%)
Tempe - Increased from $365,351 to $369,263 (1.1%)
