The price growth in the Phoenix area real estate market was small in December, however any price growth at all over a typically slow holiday season is an extremely positive indicator of continued health in the market going into 2019. The complete, latest numbers are below.
The overall average home price in December increased by 0.3%, moving from $330,527 to $332,588. The increase over December 2017 was 6.5%. The average price per square foot stayed the same at $164.
Inventory increased slightly to 16,506 homes for sale, while the number of homes sold decreased slightly to 6,126. The numbers indicate that there is just a 2.5 month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed nearly the same, with a slight uptick in homes priced from $150,000 to $250,000. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (23%), $250,000-$500,000 (46%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.6% of the market and 0.3% 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 - Decreased from $379,029 to $353,562 (6.8%)
Anthem - Increased from $342,433 to $356,354 (4.1%)
Avondale - Increased from $229,729 to $232,176 (1.1%)
Buckeye - Decreased from $257,379 to $245,561 (4.6%)
Cave Creek - (Median Price) Decreased from $510,000 to $450,000 (11.8%)
Chandler - Increased from $339,846 to $356,199 (4.8%)
Fountain Hills (Median Price)- Increased from $351,500 to $424,500 (20.7%)
Gilbert - Increased from $354,952 to $360,692 (1.6%)
Glendale - Decreased from $249,705 to $245,959 (1.5%)
Goodyear - Increased from $303,080 to $310,443 (2.4%)
Litchfield Park - Increased from $353,484 to $356,677 (0.9%)
Maricopa - Decreased from $215,863 to $211,731 (2.1%)
Mesa - Increased from $268,332 to $276,398 (3.0%)
Paradise Valley (median price) -Decreased from $1,575,000 to $1,382,000 (12.3%)
Peoria - Increased from $323,492 to $335,097 (3.6%)
Phoenix - Decreased from $308,162 to $299,368 (2.9%)
Queen Creek - Increased from $351,422 to $357,953 (1.9%)
San Tan Valley - Decreased from $257,038 to $246,366 (4.2%)
Scottsdale - Increased from $579,689 to $580,264 (0.1%)
Sun City - Decreased from $224,058 to $222,085 (0.9%)
Sun City West - Decreased from $274,652 to $260,467 (5.2%)
Surprise - Increased from $270,762 to $275,870 (1.9%)
Tempe - Decreased from $312,288 to $303,927 (2.7%)
