The busiest home buying season historically in the Phoenix area is February through May. This year's season wrapped up with a bang, with homes selling at an even faster pace than the month prior, which was already extremely active. Home prices shot up sharply as inventory was not able to keep up with demand. The complete, latest numbers are below.
The overall average home price in May compared to April increased by 1.9%, moving from $345,429 to $351,872. The increase over May 2018 was 4.9%. The average price per square foot also increased to $177.
Inventory decreased again to 14,198 homes for sale as the number of homes sold jumped for the third straight month to 9,938. The numbers indicate that there is just a one and a half month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed very steady this month. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (17%), $250,000-$500,000 (47%), $500,000+ ($33%).
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 May compared to April, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $388,060 to $350,643 (9.7%)
Anthem - Increased from $352,611 to $354,248 (0.4%)
Avondale - Increased from $248,284 to $249,369 (0.4%)
Buckeye - Increased from $256,770 to $267,592 (4.2%)
Cave Creek - (Median Price) Increased from $445,500 to $453,000 (1.7%)
Chandler - Decreased from $364,207 to $359,521 (1.3%)
Fountain Hills (Median Price)- Decreased from $420,000 to $353,000 (16%)
Gilbert - Increased from $367,540 to $378,974 (3.1%)
Glendale - Increased from $263,116 to $272,650 (3.6%)
Goodyear - Increased from $309,181 to $327,715 (6%)
Litchfield Park - Decreased from $362,746 to $335,653 (7.5%)
Maricopa - Increased from $224,147 to $231,338 (3.2%)
Mesa - Increased from $287,522 to $292,387 (1.7%)
Paradise Valley (median price) -Decreased from $1,800,000 to $1,400,000 (22%)
Peoria - Increased from $329,705 to $338,142 (2.6%)
Phoenix - Increased from $308,603 to $311,161 (0.8%)
Queen Creek - Increased from $357,756 to $380,525 (6.4%)
San Tan Valley - Increased from $254,901 to $254,972 (0.1%)
Scottsdale - Increased from $641,459 to $643,476 (0.3%)
Sun City - Decreased from $228,614 to $226,704 (0.9%)
Sun City West - Increased from $263,664 to $264,693 (0.4%)
Surprise - Decreased from $279,661 to $277,104 (1%)
Tempe - Decreased from $316,571 to $309,706 (2.2%)
