The months of February, March, April and May are typically the months in which the Phoenix area home prices increase the most, and this year was no exception. April home prices jumped once again as the volume of homes sold stayed high and inventory remained low. Increasing interest rates have not yet slowed the market, and some believe that it may have accelerated it as buyers who were on the fence decided to move forward before rates increased further.
The overall average home price in April increased by 1.9%, moving from $321,218 to $327,474. The increase over April 2017 was 10.3%. The average price per square foot decreased to $187.
Inventory decreased again to 14,433 homes for sale, and the number of homes sold stayed fairly level at 8,696. The numbers indicate that there is just a one and a half month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available stayed steady with the exception that homes under $150,000 continues to be an almost non-existant portion of the market. The percentages of available homes are: $0-$150,000 (4% of the market), $150,000-$250,000 (19%), $250,000-$500,000 (44%), $500,000+ ($33%).
Foreclosures and short sales continue to stay at their record low rates of 0.7% of the market and 0.4% 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 - Increased from $346,379 to $367,398 (6%)
Anthem - Decreased from $371,305 to $336,626 (9.3%)
Avondale - Decreased from $231,085 to $229,352 (0.8%)
Buckeye - Increased from $237,070 to $247,337 (4.7%)
Cave Creek - (Median Price) Increased from $462,500 to $515,000 (11.4%)
Chandler - Increased from $335,020 to $339,368 (1.2%)
Fountain Hills (Median Price)- Decreased from $405,000 to $390,000 (3.8%)
Gilbert - Increased from $348,595 to $354,250 (1.7%)
Glendale - Increased from $245,175 to $248,416 (1.4%)
Goodyear - Increased from $298,060 to $301,462 (0.6%)
Maricopa - Increased from $202,798 to $204,887 (1.1%)
Mesa - Increased from $260,253 to $273,122 (5.6%)
Paradise Valley (median price) -Increased from $1,421,000 to $1,850,000 (30.2%)
Peoria - Decreased from $320,394 to $302,459 (9.4%)
Phoenix - Decreased from $292,253 to $291,327 (0.3%)
Queen Creek - Increased from $316,133 to $326,133 (3.1%)
San Tan Valley - Increased from $226,510 to $235,814 (3.9%)
Scottsdale - Increased from $575,317 to $585,970 (1.8%)
Sun City - Decreased from $211,426 to $201,990 (4.7%)
Sun City West - Decreased from $258,465 to $239,624 (9.8%)
Surprise - Increased from $246,424 to $254,370 (3.4%)
Tempe - Increased from $291,415 to $307,151 (5.4%)
