Unlike many markets around the country, late winter is typically a very strong time for the local real estate market in the Phoenix area. Last months results were in line with that, showing moderate price gains for yet another consecutive month. The complete, latest numbers are below.
The overall average home price in February increased by 0.3%, moving from $332,588 to $333,623. The increase over February 2018 was 6.7%. The average price per square foot increased slightly to $167.
Inventory increased slightly to 16,675 homes for sale, while the number of homes sold stayed roughly the same at 6,165. The numbers indicate that there is just a 2.5 month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed nearly the same, with a slight uptick in homes priced from $150,000 to $250,000. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (20%), $250,000-$500,000 (45%), $500,000+ ($32%).
Foreclosures and short sales continue to stay at their record low rates of 0.6% of the market and 0.3% 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 - Decreased from $353,562 to $352,582 (0.3%)
Anthem - Decreased from $356,354 to $339,704 (4.7%)
Avondale - Increased from $232,176 to $255,188 (9.9%)
Buckeye - Increased from $245,561 to $262,835 (7.1%)
Cave Creek - (Median Price) Increased from $450,000 to $468,000 (4%)
Chandler - Decreased from $356,199 to $342,238 (3.9%)
Fountain Hills (Median Price)- Decreased from $424,500 to $384,500 (9.5%)
Gilbert - Decreased from $360,692 to $352,148 (2.5%)
Glendale - Increased from $245,959 to $265,858 (8.3%)
Goodyear - Decreased from $310,443 to $305,911 (1.7%)
Litchfield Park - Decreased from $356,677 to $336,397 (5.8%)
Maricopa - Increased from $211,731 to $218,635 (3.1%)
Mesa - Increased from $276,398 to $280,956 (1.9%)
Paradise Valley (median price) -Decreased from $1,382,000 to $1,375,000 (0.5%)
Peoria - Decreased from $335,097 to $327,304 (2.4%)
Phoenix - Increased from $299,368 to $299,729 (0.1%)
Queen Creek - Increased from $357,953 to $378,154 (1.9%)
San Tan Valley - Increased from $246,366 to $253,922 (4.2%)
Scottsdale - Increased from $580,264 to $602,835 (0.1%)
Sun City - Decreased from $222,085 to $216,452 (0.9%)
Sun City West - Decreased from $260,467 to $252,945 (5.2%)
Surprise - Decreased from $275,870 to $275,098 (1.9%)
Tempe - Decreased from $303,927 to $295,148 (2.7%)
