Home values in the Phoenix area continued to make controlled but steady gains again last month. The market continues to be favorable to sellers and the inventory of homes for $150,000 and under has shrunk to just 6% of the total market.
The overall average home price in April increased by 1.1%, moving from $293,331 to $296,479. The increase over April 2016 was 7.9%. The average price per square foot decreased to $157.
Inventory decreased slightly to 16,904 homes for sale, and the number of sold homes decreased to 8,351. This indicates that there is a 2 month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available continued to shift with homes under $250,000 becoming a smaller part of the available market. The percentages of available homes are: $0-$150,000 (6% of the market), $150,000-$250,000 (22%), $250,000-$500,000 (41%), $500,000+ ($31%).
Foreclosures and short sales continue to stay at their record low rates of 0.9% of the market and 0.8% 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 April compared to March, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $340,074 to $310,887 (8.6%)
Anthem - Decreased from $317,851 to $288,000 (9.4%)
Avondale - Decreased from $211,963 to $209,013 (1.4%)
Cave Creek - (Median Price) Decreased from $440,000 to $376,000 (14.5%)
Chandler - Decreased from $322,413 to $311,070 (3.5%)
Fountain Hills (Median Price)- Decreased from $367,500 to $343,500 (6.6%)
Gilbert - Decreased from $317,671 to $316,896 (0.3%)
Glendale - Increased from $227,237 to $229,544 (1%)
Goodyear - Increased from $268,014 to $275,737 (2.9%)
Maricopa - Increased from $185,687 to $189,553 (2.1%)
Mesa - Increased from $234,720 to $241,544 (2.9%)
Paradise Valley (median price) -Decreased from $1,453,000 to $1,271,000 (12.6%)
Peoria - Decreased from $284,248 to $282,363 (0.7%)
Phoenix - Decreased from $270,440 to $267,058 (1.3%)
Queen Creek - Increased from $283,783 to $307,540 (8.4%)
San Tan Valley - Decreased from $212,297 to $211,856 (0.2%)
Scottsdale - Increased from $529,624 to $536,035 (1.2%)
Sun City - Increased from $192,680 to $194,693 (1.2%)
Sun City West - Increased from $225,239 to $236,577 (5%)
Surprise - Decreased from $235,130 to $227,855 (3.1%)
Tempe - Decreased from $275,839 to $271,295 (1.7%)
