Although February was a short month, home sales picked up the pace compared to January, indicating that it should be a very active spring. Although overall prices didn't increase during the month, the price per square foot did manage to climb.
The overall average home price in February decreased by 2.3%, moving from $319,477 to $312,303. The increase over February 2017 was 7.5%. The average price per square foot increased to $184.
Inventory stayed roughly the same at 15,187 homes for sale, but the number of homes sold increased by a good amount to 6,724. The numbers indicate that there is a two and a half month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available showed a big change last month, with the percentage of homes between $150,000 and $250,000 dropping by over 4%. That is the largest change in any category in over a year. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (19%), $250,000-$500,000 (41%), $500,000+ ($35%).
Foreclosures and short sales continue to stay at their record low rates of 0.8% 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 February compared to January, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $343,461 to $348,924 (1.6%)
Anthem - Increased from $310,000 to $341,700 (10.2%)
Avondale - Decreased from $230,303 to $226,657 (1.6%)
Buckeye - Increased from $229,463 to $243,768 (6.2%)
Cave Creek - (Median Price) Decreased from $424,000 to $420,350 (0.9%)
Chandler - Decreased from $344,451 to $329,592 (4.3%)
Fountain Hills (Median Price)- Decreased from $364,900 to $315,000 (13.7%)
Gilbert - Increased from $330,890 to $350,098 (5.8%)
Glendale - Decreased from $246,182 to $235,756 (4.2%)
Goodyear - Decreased from $296,809 to $295,344 (0.5%)
Maricopa - Decreased from $199,608 to $198,514 (0.5%)
Mesa - Increased from $246,171 to $250,905 (1.9%)
Paradise Valley (median price) -Decreased from $1,650,000 to $1,375,000 (17%)
Peoria - Increased from $297,030 to $307,669 (3.6%)
Phoenix - Increased from $277,450 to $278,475 (0.4%)
Queen Creek - Decreased from $305,344 to $303,573 (0.6%)
San Tan Valley - Increased from $222,282 to $235,383 (5.9%)
Scottsdale - Decreased from $569,214 to $563,316 (1.1%)
Sun City - Increased from $198,515 to $207,248 (4.4%)
Sun City West - Increased from $236,861 to $261,808 (10.5%)
Surprise - Increased from $247,381 to $260,340 (5.2%)
Tempe - Increased from $285,094 to $304,307 (6.7%)
