The busy spring selling season wrapped up on a high note once again, showing very strong gains in pricing and the number of homes sold last month. There continues to be projections that interest rate increases could slow the rate of purchasing, but with rental rates also rising, in most cases buyers are still finding it less expensive to purchase rather than rent. The complete, latest numbers are below.
The overall average home price in May increased by 2.4%, moving from $327,474 to $335,288. The increase over May 2017 was 10.1%. The average price per square foot decreased to $184.
Inventory decreased again to 14,019 homes for sale, and the number of homes sold jumped to 9,601. The numbers indicate that there is just a one and a half month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available stayed steady with the exception that homes under $150,000 continues to be an almost non-existant portion of the market. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (19%), $250,000-$500,000 (44%), $500,000+ ($33%).
Foreclosures and short sales continue to stay at their record low rates of 0.7% of the market and 0.4% 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 May compared to April, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $367,398 to $347,631 (5.4%)
Anthem - Increased from $336,626 to $344,423 (2.3%)
Avondale - Increased from $229,352 to $232,733 (1.5%)
Buckeye - Decreased from $247,337 to $234,199 (5.3%)
Cave Creek - (Median Price) Decreased from $515,000 to $437,750 (15%)
Chandler - Increased from $339,368 to $354,316 (4.4%)
Fountain Hills (Median Price)- Decreased from $390,000 to $376,500 (3.5%)
Gilbert - Increased from $354,250 to $363,675 (2.7%)
Glendale - Increased from $248,416 to $265,254 (6.8%)
Goodyear - Decreased from $301,462 to $287,684 (4.6%)
Maricopa - Increased from $204,887 to $213,798 (4.3%)
Mesa - Increased from $273,122 to $280,195 (2.6%)
Paradise Valley (median price) -Decreased from $1,850,000 to $1,531,000 (17.3%)
Peoria - Increased from $302,459 to $316,802 (4.7%)
Phoenix - Increased from $291,327 to $305,100 (4.7%)
Queen Creek - Increased from $326,133 to $338,901 (3.9%)
San Tan Valley - Decreased from $235,814 to $230,754 (2.2%)
Scottsdale - Increased from $585,970 to $611,639 (4.3%)
Sun City - Increased from $201,990 to $207,141 (2.6%)
Sun City West - Increased from $239,624 to $249,743 (4.2%)
Surprise - Increased from $254,370 to $261,444 (2.8%)
Tempe - Increased from $307,151 to $310,898 (1.2%)
