The month of February produced extremely strong results in the Phoenix real estate market, as expected. The busiest buying and selling months of the year in the Phoenix market are January through May, and this year has been more active than historical averages leading to some sharp price increases. The complete, latest numbers are below.
The overall average home price in February compared to January increased by 2.9%, moving from $370,520 to $381,159. This was one of the larger increases of the year. The increase over February 2019 was 14%. The average price per square foot increased to $223.
Inventory increased to 10,357 homes for sale, and the number of homes sold also increased to 7,032. The numbers indicate that there is much less than a two month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed relatively steady last month, with the exception of a slight uptick in homes above $500,000. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (14%), $250,000-$500,000 (42%), $500,000+ (40%).
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 February compared to January, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $345,453 to $380,808 (10.4%)
Anthem - Increased from $369,112 to $413,157 (11.9%)
Avondale - Decreased from $257,123 to $256,965 (0.1%)
Buckeye - Increased from $265,402 to $284,786 (7.1%)
Cave Creek - (Median Price) Increased from $510,000 to $545,000 (6.8%)
Chandler - Increased from $378,552 to $394,839 (3.9%)
Fountain Hills (Median Price)- Increased from $414,000 to $434,900 (3.8%)
Gilbert - Increased from $390,656 to $424,768 (8.6%)
Glendale - Increased from $281,397 to $294,802 (4.7%)
Goodyear - Increased from $330,621 to $336,555 (1.9%)
Litchfield Park - Increased from $381,098 to $389,534 (1.3%)
Maricopa - Decreased from $235,448 to $235,441 (0.1%)
Mesa - Increased from $296,654 to $312,060 (5.4%)
Paradise Valley (median price) -Decreased from $1,650,000 to $1,450,000 (12%)
Peoria - Decreased from $352,384 to $347,481 (1.2%)
Phoenix - Decreased from $327,242 to $321,351 (2%)
Queen Creek - Increased from $383,258 to $411,475 (7.5%)
San Tan Valley - Decreased from $283,653 to $283,562 (0.1%)
Scottsdale - Increased from $644,428 to $714,910 (11.3%)
Sun City - Increased from $245,112 to $246,477 (0.4%)
Sun City West - Increased from $286,603 to $292,111 (2.4%)
Surprise - Increased from $288,884 to $290,265 (0.7%)
Tempe - Decreased from $330,758 to $328,534 (0.6%)
