The month of April was one of the most active home selling months in recent history throughout the Phoenix metro area. Although overall market prices did not change in any meaningful way, inventory dropped dramatically as the number of homes sold spiked. The lack of an overall price change indicates that there was a great deal of buying activity in the lower price ranges of the market. The complete, latest numbers are below.
The overall average home price in April compared to March stayed the same, moving from $345,892 to $345,429. The increase over April 2018 was 5.4%. The average price per square foot stayed steady at $168.
Inventory decreased substantially to 14,759 homes for sale as the number of homes sold jumped for the second straight month to 9,162. The numbers indicate that there is just a one and a half month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices had notable changes this month. Specifically, there was a large decrease of inventory in the $150,000 to $250,000 range as those homes were purchased at a high rate. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (17%), $250,000-$500,000 (46%), $500,000+ ($34%).
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 April compared to March, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $374,980 to $388,060 (3.5%)
Anthem - Decreased from $371,467 to $352,611 (5.1%)
Avondale - Increased from $245,535 to $248,284 (1.1%)
Buckeye - Increased from $256,622 to $256,770 (0.1%)
Cave Creek - (Median Price) Decreased from $510,000 to $445,500 (12.7%)
Chandler - Increased from $353,571 to $364,207 (3%)
Fountain Hills (Median Price)- Increased from $380,000 to $420,000 (10.5%)
Gilbert - Decreased from $375,577 to $367,540 (2.2%)
Glendale - Increased from $258,982 to $263,116 (1.6%)
Goodyear - Decreased from $320,757 to $309,181 (3.7%)
Litchfield Park - Decreased from $365,331 to $362,746 (0.7%)
Maricopa - Decreased from $224,922 to $224,147 (0.4%)
Mesa - Increased from $273,294 to $287,522 (5.2%)
Paradise Valley (median price) -Increased from $1,470,000 to $1,800,000 (22.4%)
Peoria - Increased from $312,987 to $329,705 (5.3%)
Phoenix - Increased from $302,265 to $308,603 (2.1%)
Queen Creek - Decreased from $360,146 to $357,756 (0.7%)
San Tan Valley - Increased from $246,745 to $254,901 (3.3%)
Scottsdale - Increased from $608,756 to $641,459 (5.3%)
Sun City - Decreased from $230,374 to $228,614 (0.8%)
Sun City West - Decreased from $267,374 to $263,664 (1.4%)
Surprise - Increased from $273,966 to $279,661 (2.0%)
Tempe - Increased from $298,238 to $316,571 (6.1%)
