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January, 2018 Phoenix area real estate report

 

 

The month of December was nearly identical to November in every way, including home prices, home sales and supply of homes. Although home prices did not increase in December, the fact that they stayed level is important as typically there is a dip in prices during the holiday months.

 

The overall average home price in December stayed almost exactly the same, moving from $312,152 to $312,327. The increase over December 2016 was 9.6%. The average price per square foot also stayed about the same at $153.

 

Inventory, as mentioned, also stayed almost exactly the same at 15,461 homes for sale and the number of homes sold stayed roughly the same at 6,816. This indicates that there is a two and a half month supply of homes on the market, which is a seller's market.

 

The breakdown of homes currently available remained unchanged for the most part, and homes under $150,000 remain very difficult to find. The percentages of available homes are: $0-$150,000 (6% of the market), $150,000-$250,000 (24%), $250,000-$500,000 (40%), $500,000+ ($30%).

 

Foreclosures and short sales continue to stay at their record low rates of 0.9% of the market and 0.6% 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 December compared to November, in some of the individual cities in the Phoenix metro area:

 

    Ahwatukee - Increased from $326,240 to $347,943 (6.7%)
    Anthem - Decreased from $368,294 to $357,833 (2.9%)
    Avondale - Decreased from $228,138 to $222,161 (2.6%)
    Buckeye - Increased from $217,667 to $231,595 (6.4%)
    Cave Creek - (Median Price) Decreased from $450,000 to $424,309 (5.7%)
    Chandler - Decreased from $342,022 to $319,450 (6.6%)
    Fountain Hills (Median Price)- Decreased from $392,017 to $370,000 (5.6%)
    Gilbert - Decreased from $333,660 to $323,319 (3.1%)
    Glendale - Decreased from $244,042 to $236,689 (3.1%)
    Goodyear - Decreased from $292,688 to $287,267 (1.9%)
    Maricopa - Increased from $202,173 to $204,368 (1.1%)
    Mesa - Increased from $251,267 to $252,568 (0.5%)
    Paradise Valley (median price) -Increased from $1,450,000 to $1,566,000 (8%)
    Peoria - Increased from $287,515 to $303,676 (5.7%)
    Phoenix - Decreased from $288,202 to $282,080 (2.1%)
    Queen Creek - Increased from $312,789 to $325,014 (3.9%)
    San Tan Valley - Increased from $219,953 to $234,181 (6.5%)
    Scottsdale - Decreased from $558,042 to $555,592 (0.4%)
    Sun City - Increased from $195,954 to $197,859 (0.8%)
    Sun City West - Increased from $232,523 to $239,384 (2.6%)
    Surprise - Decreased from $254,163 to $245,569 (3.4%)
    Tempe - Increased from $265,303 to $299,608 (12.9%)



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