Very little changed in the Phoenix real estate market in February, with homes prices continuing their rapid climb, and inventory remaining historically low. Interest rates did increase slightly, but the small change seems to have had little to no effect on the market. The complete, latest numbers are below.
The overall average home price in February compared to January increased by 4.3%, moving from $447,280 to $466,394. The increase over February 2020 was 23.8%. The average sale price as a percentage of the listing price was 99.8%, and the average days on the market was 39. The average price per square foot decreased to $219.
Inventory decreased further to 3,605 homes for sale, and the number of homes sold increased to 7,593. This means that there is much less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices did not experience significant changes last month. The percentages of available homes are: $0-$150,000 (7% of the market), $150,000-$250,000 (10%), $250,000-$500,000 (38%), $500,000+ (45%).
Foreclosures and short sales continue to stay at their record low rates of 0.2% of the market and 0.1% 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 $417,630 to $468,306 (12.1%)
Anthem - Increased from $530,524 to $550,423 (3.7%)
Apache Junction - Decreased from $281,646 to $269,879 (4.2%)
Avondale - Increased from $298,915 to $316,267 (5.8%)
Buckeye - Decreased from $362,363 to $352,260 (2.8%)
Casa Grande - Increased from $258,852 to $260,005 (0.4%)
Cave Creek - (Median Price) Decreased from $635,000 to $573,000 (9.8%)
Chandler - Increased from $456,463 to $467,100 (2.3%)
Florence - Increased from $244,310 to $244,384 (0.1%)
Fountain Hills (Median Price)- Decreased from $544,900 to $505,000 (7.3%)
Gilbert - Increased from $471,491 to $480,147 (1.8%)
Glendale - Increased from $338,218 to $346,056 (2.3%)
Goodyear - Increased from $367,793 to $402,243 (9.3%)
Litchfield Park - Increased from $431,093 to $448,094 (3.9%)
Maricopa - Increased from $283,045 to $297,338 (5.1%)
Mesa - Increased from $353,800 to $360,754 (1.9%)
Paradise Valley (median price) -Increased from $2,025,000 to $2,100,000 (3.7%)
Peoria - Decreased from $438,638 to $419,537 (4.4%)
Phoenix - Increased from $383,587 to $405,517 (5.7%)
Queen Creek - Decreased from $492,927 to $484,993 (1.6%)
San Tan Valley - Decreased from $344,927 to $331,514(3.9%)
Scottsdale - Increased from $848,247 to $894,805 (5.5%)
Sun City - Decreased from $281,350 to $272,194 (3.3%)
Sun City West - Increased from $307,095 to $313,362 (2.1%)
Surprise - Increased from $334,848 to $347,250 (3.7%)
Tempe - Increased from $369,263 to $373,152 (1.1%)
