I once again wanted to express my best wishes that you and your loved ones are staying healthy and safe. I mentioned in the last monthly report that the next few reports would start to tell us more about how the Phoenix area market was going to respond to the epidemic. We did see some impact in terms of total sales and price, but that was quite expected due to job losses and some opting to hold off on buying for the moment. That said, the impact so far has been very slight, and the numbers are pointing to it remaining a seller's market for the time being. Of note, Arizona has officially reopened retail stores as of May 8th and restaurants as of May 11th. The complete, latest numbers are below.
The overall average home price in April compared to March decreased by 2.2%, moving from $384,382 to $375,776. The increase over April 2019 was 8.7%. The average price per square foot decreased to $198.
Inventory stayed almost exactly the same at 11,544 homes for sale, and the number of homes sold decreased to 6,633. The numbers indicate that there is slightly less than a two month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed relatively the same last month. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (14%), $250,000-$500,000 (46%), $500,000+ (35%).
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 - Decreased from $422,623 to $414,693 (2.9%)
Anthem - Decreased from $450,606 to $408,464 (9.4%)
Avondale - Increased from $275,575 to $278,303 (0.9%)
Buckeye - Decreased from $277,081 to $272,579 (1.6%)
Cave Creek - (Median Price) Increased from $492,500 to $555,500 (12.8%)
Chandler - Decreased from $389,440 to $371,947 (4.5%)
Fountain Hills (Median Price)- Increased from $410,000 to $440,000 (7.3%)
Gilbert - Decreased from $419,998 to $399,625 (4.9%)
Glendale - Increased from $283,255 to $301,681 (6.5%)
Goodyear - Decreased from $340,419 to $335,967 (1.3%)
Litchfield Park - Decreased from $404,782 to $387,585(4.3%)
Maricopa - Increased from $240,445 to $246,745 (2.6%)
Mesa - Decreased from $312,696 to $312,385 (0.1%)
Paradise Valley (median price) -Increased from $1,570,000 $1,625,000(3.5%)
Peoria - Increased from $353,554 to $358,228 (1.3%)
Phoenix - Decreased from $353,996 to $351,997 (0.6%)
Queen Creek - Decreased from $415,974 to $411,148 (1.2%)
San Tan Valley - Increased from $280,110 to $286,197 (2.2%)
Scottsdale - Decreased from $706,292 to $673,711 (4.4%)
Sun City - Decreased from $246,978 to $237,468 (3.9%)
Sun City West - Decreased from $285,185 to $277,924 (2.6%)
Surprise - Increased from $301,563 to $303,934 (0.7%)
Tempe - Decreased from $359,962 to $326,735 (9.3%)
