The Phoenix real estate market continued to show price gains last month, even as interest rates started to rise. Most of the completed sales last month were put under contract in March or earlier, so we haven't seen the full impact of the rate increases, and the affect may end up being negligible, but there are finally some signs of inventory increasing, albeit very slightly. Regardless, any increases in inventory are helpful in moving the market to a more balanced state. The complete, latest numbers are below.
The overall average home price in April compared to March increased by 2.8%, moving from $584,429 to $600,647. The year over year increase over April 2021 was 19.6%. The average sale price as a percentage of the listing price was 102% (meaning on average homes are selling for 2% above the asking price), and the average days on the market was 26. The average price per square foot decreased to $307.
Inventory increased to 5,746 homes for sale, and the number of homes sold decreased to 8,703. 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 experienced some changes (we modified the categories this month, and going forward, to account for the changing market). The percentages of available homes are: $0-$250,000 (6% of the market), $250,000-$500,000 (36%), $500,000-$750,000 (30%), $750,000+ (28%).
Foreclosures and short sales continue to stay at their record low rates of 0.1% 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 - Increased from $603,591 to $608,644 (0.8%)
Anthem - Decreased from $626,123 to $600,733 (4.1%)
Apache Junction - Increased from $325,348 to $335,765 (3.2%)
Avondale - Increased from $438,753 to $457,527 (4.3%)
Buckeye - Decreased from $473,816 to $472,296 (0.4%)
Casa Grande - Decreased from $354,132 to $350,539 (1.1%)
Cave Creek - (Median Price) Increased from $838,888 to $915,000 (9.1%)
Chandler - Increased from $587,759 to $600,352 (2.1%)
Florence - Increased from $334,430 to $359,990 (7.6%)
Fountain Hills (Median Price)- Increased from $640,000 to $669,900 (4.7%)
Gilbert - Increased from $659,446 to $676,328 (2.6%)
Glendale - Increased from $473,412 to $480,420 (1.5%)
Goodyear - Increased from $540,203 to $548,515 (1.5%)
Laveen - Decreased from $496,823 to $471,345 (5.2%)
Litchfield Park - Decreased from $652,225 to $585,240 (10.3%)
Maricopa - Increased from $405,826 to $418,332 (3.1%)
Mesa - Decreased from $460,509 to $448,092 (2.7%)
Paradise Valley (median price) -Increased from $3,200,000 to $3,500,000 (9.3%)
Peoria - Decreased from $553,158 to $535,334 (3.3%)
Phoenix - Increased from $526,087 to $557,885 (6.1%)
Queen Creek - Increased from $656,345 to $672,444 (2.5%)
San Tan Valley - Increased from $478,326 to $496,932 (3.9%)
Scottsdale - Increased from $1,115,829 to $1,134,078 (1.6%)
Sun City - Decreased from $354,408 to $327,823 (7.6%)
Sun City West - Increased from $423,928 to $436,475 (2.9%)
Surprise - Increased from $463,704 to $485,755 (4.8%)
Tempe - Increased from $507,776 to $522,427 (2.9%)
