Banner
 
 
Our Partners
The Talon Group

 

May, 2017 Phoenix area real estate report

 

 

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%)



    For more information, Contact US or

    SEARCH FOR HOMES HERE