The Phoenix real estate market continued to show incredible resilience in the month of June. Despite extremely low inventory, home sales and home sale prices both jumped substantially. Many buyers, especially first time buyers, are trying to take advantage of historically low interest rates. That increased demand, coupled with the low inventory, is creating a bottleneck in the availability of homes priced at $500,000 or less. The complete, latest numbers are below.
The overall average home price in June compared to May increased by 4%, moving from $360,734 to $375,250. The increase over June 2019 was 5.9%. The average price per square foot increased to $201.
Inventory dropped dramatically again to 7,203 homes for sale, and the number of homes sold increased sharply to 8,894. 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 changed, with homes under $500,000 seeing a large decrease. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (10%), $250,000-$500,000 (42%), $500,000+ (44%).
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 June compared to May, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $391,196 to $404,988 (3.5%)
Anthem - Increased from $369,405 to $378,889 (2.6%)
Avondale - Increased from $266,845 to $267,810 (0.3%)
Buckeye - Increased from $284,649 to $290,278 (1.9%)
Cave Creek - (Median Price) Decreased from $541,000 to $496,250 (8.3%)
Chandler - Increased from $381,373 to $390,047 (2.2%)
Fountain Hills (Median Price)- Increased from $415,000 to $446,500 (7.6%)
Gilbert - Increased from $402,899 to $407,002 (1.0%)
Glendale - Increased from $281,495 to $292,234 (3.8%)
Goodyear - Increased from $338,560 to $339,535 (0.3%)
Litchfield Park - Increased from $382,663 to $414,709 (8.4%)
Maricopa - Increased from $252,480 to $254,914 (0.9%)
Mesa - Increased from $315,440 to $321,085 (1.8%)
Paradise Valley (median price) -Increased from $1,475,000 to $1,612,250 (9.3%)
Peoria - Increased from $345,341 to $353,131 (2.3%)
Phoenix - Increased from $341,856 to $356,333 (4.2%)
Queen Creek - Increased from $405,320 to $425,968 (5.1%)
San Tan Valley - Decreased from $279,489 to $275,026 (1.6%)
Scottsdale - Increased from $603,519 to $640,048 (6.1%)
Sun City - Decreased from $245,183 to $244,047 (0.5%)
Sun City West - Decreased from $282,569 to $275,571 (1.6%)
Surprise - Increased from $299,994 to $305,774 (1.9%)
Tempe - Increased from $329,407 to $344,694 (4.6%)
