As expected, the April real estate market was among the most active and competitive ever. Spring in the Phoenix area is already a historically busy time, but this year it is compounded by the fact that the overall market has experienced a substantial housing shortage in the last 6 to 9 months. Builders are trying desperately to catch up, but shortages of labor and building supplies continue to plague the industry. The complete, latest numbers are below.
The overall average home price in April compared to March increased by 5.1%, moving from $477,768 to $502,281. The increase over April 2020 was 35.1%. The average sale price as a percentage of the listing price was 102% (meaning on average homes are selling above the asking price), and the average days on the market was 28. The average price per square foot increased to $271.
Inventory decreased very slightly to 3,836 homes for sale, and the number of homes sold also decreased slightly to 9,647. This means that there is much less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices did not experience significant changes last month. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (9%), $250,000-$500,000 (37%), $500,000+ (49%).
Foreclosures and short sales continue to stay at their record low rates of 0.2% of the market and 0.1% 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 $520,298 to $506,673 (2.6%)
Anthem - Increased from $545,235 to $575,066 (5.5%)
Apache Junction - Decreased from $300,811 to $290,441 (3.5%)
Avondale - Increased from $329,770 to $337,764 (2.4%)
Buckeye - Increased from $368,321 to $385,774 (4.7%)
Casa Grande - Increased from $263,189 to $276,931 (5.2%)
Cave Creek - (Median Price) Increased from $705,000 to $705,250 (0.1%)
Chandler - Increased from $492,196 to $495,184 (0.6%)
Florence - Decreased from $280,790 to $276,688 (1.5%)
Fountain Hills (Median Price)- Increased from $501,500 to $613,000 (22.2%)
Gilbert - Decreased from $520,959 to $511,284 (1.9%)
Glendale - Increased from $351,731 to $371,934 (5.7%)
Goodyear - Decreased from $423,335 to $415,350 (1.9%)
Litchfield Park - Increased from $482,437 to $483,406 (0.2%)
Maricopa - Decreased from $317,953 to $315,980 (0.7%)
Mesa - Increased from $362,487 to $375,232 (3.5%)
Paradise Valley (median price) -Decreased from $2,474,500 to $2,335,000 (5.7%)
Peoria - Increased from $432,766 to $448,643 (3.6%)
Phoenix - Increased from $412,575 to $440,806 (6.8%)
Queen Creek - Increased from $500,699 to $544,872 (8.8%)
San Tan Valley - Increased from $359,471 to $371,769 (3.4%)
Scottsdale - Increased from $902,239 to $920,600 (2.1%)
Sun City - Increased from $285,320 to $291,848 (2.3%)
Sun City West - Increased from $333,373 to $345,462 (3.6%)
Surprise - Increased from $356,594 to $365,562 (2.5%)
Tempe - Increased from $386,536 to $430,439 (11.3%)
