The Phoenix real estate market, for the second straight month, saw inventories rise and bring some additional balance to the market. Inventory is still insufficiently low, but the improvement from the historically low inventory just a few months ago is important to creating a healthier market. Prices have not declined, but have returned to month over month gains more indicative of a typical market. The complete, latest numbers are below.
The overall average home price in June compared to May increased by 0.1%, moving from $601,626 to $602,553. The year over year increase over June 2021 was 17.1%. The average sale price as a percentage of the listing price was 100% (meaning on average homes are selling right at the asking price), and the average days on the market was 28. The average price per square foot decreased to $295.
Inventory increased to 14,130 homes for sale, and the number of homes sold decreased to 7,548. This means that there is almost a two month supply of homes on the market, which is still a seller's market.
The breakdown of home prices experienced some changes, with inventory on the market between $250,000 and $500,000 showing the largest increase. The percentages of available homes are: $0-$250,000 (3% of the market), $250,000-$500,000 (43%), $500,000-$750,000 (31%), $750,000+ (23%).
Foreclosures and short sales continue to stay at their record low rates of 0.1% 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 June compared to May, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $662,341 to $615,648 (7.1%)
Anthem - Increased from $648,962 to $663,870 (2.3%)
Apache Junction - Increased from $335,836 to $430,202 (28%)
Avondale - Increased from $449,179 to $461,658 (2.8%)
Buckeye - Decreased from $492,415 to $486,263 (1.3%)
Casa Grande - Decreased from $366,798 to $364,766 (0.6%)
Cave Creek - (Median Price) Decreased from $887,500 to $821,000 (7.5%)
Chandler - Decreased from $651,636 to $610,311 (6.4%)
Florence - Decreased from $375,098 to $367,075 (2.2%)
Fountain Hills (Median Price)- Increased from $623,000 to $680,000 (9.1%)
Gilbert - Increased from $697,709 to $703,316 (0.8%)
Glendale - Increased from $460,041 to $488,773 (6.2%)
Goodyear - Decreased from $572,396 to $550,356 (3.9%)
Laveen - Increased from $494,942 to $523,576 (5.8%)
Litchfield Park - Increased from $630,189 to $637,997 (1.2%)
Maricopa - Increased from $418,880 to $430,404 (2.7%)
Mesa - Decreased from $490,059 to $481,215 (1.9%)
Paradise Valley (median price) -Decreased from $3,240,000 to $3,100,000 (4.3%)
Peoria - Decreased from $569,783 to $566,456 (0.6%)
Phoenix - Decreased from $553,385 to $547,070 (1.2%)
Queen Creek - Increased from $687,746 to $748,535 (8.8%)
San Tan Valley - Increased from $482,670 to $484,491 (0.3%)
Scottsdale - Increased from $1,121,116 to $1,176,131 (4.9%)
Sun City - Decreased from $338,431 to $329,686 (2.6%)
Sun City West - Decreased from $454,457 to $425,314 (6.5%)
Surprise - Increased from $485,473 to $507,312 (4.4%)
Tempe - Increased from $513,788 to $530,336 (3.2%)
