The Phoenix real estate market continued it's upward price trajectory for another month, despite a decrease in the number of home sold. The cause of the increase stayed the same as it has for the past four months, which is very low inventory and pent up demand. It will be interesting to see if the trend changes over the summer months, however, the historical drop in new home listings that occur during June through August suggests that we will continue to see low inventory levels and rising prices. The complete, latest numbers are below.
The overall average home price in April compared to March increased by 2.3%, moving from $549,028 to $561,553. The year over year decrease over April 2022 was 6.7%. The average sale price as a percentage of the listing price was 98% (meaning on average homes are selling for 2% below the asking price), and the average days on the market was 72. The average price per square foot increased to $341.
Inventory decreased to 10,705 homes for sale, and the number of homes sold decreased to 6,244. This means that there is less than a two month supply of homes on the market, which is a seller's market.
The breakdown of home prices stayed relatively the same. The percentages of available homes are: $0-$250,000 (8% of the market), $250,000-$500,000 (42%), $500,000-$750,000 (24%), $750,000+ (26%).
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 $580,980 to $562,922 (3.1%)
Anthem - Increased from $573,727 to $628,251 (9.5%)
Apache Junction - Increased from $305,233 to $310,722 (1.8%)
Avondale - Increased from $398,867 to $416,142 (4.3%)
Buckeye - Increased from $417,115 to $429,158 (2.9%)
Casa Grande - Decreased from $328,742 to $316,700 (3.7%)
Cave Creek - (Median Price) Increased from $749,000 to $852,000 (11.4%)
Chandler - Increased from $552,812 to $575,523 (4.1%)
Florence - Increased from $312,920 to $322,765 (3.1%)
Fountain Hills (Median Price)- Increased from $641,000 to $720,000 (12.3%)
Gilbert - Increased from $609,780 to $631,946 (3.6%)
Glendale - Decreased from $461,300 to $420,115 (9.1%)
Goodyear - Increased from $503,622 to $503,942 (0.1%)
Laveen - Decreased from $442,629 to $439,542 (0.8%)
Litchfield Park - Decreased from $604,483 to $501,996 (17.1%)
Maricopa - Increased from $353,952 to $356,072 (0.5%)
Mesa - Decreased from $428,889 to $424,959 (1.1%)
Paradise Valley (median price) -Decreased from $2,900,000 to $2,750,000 (5.2%)
Peoria - Increased from $519,478 to $552,515 (6.4%)
Phoenix - Decreased from $510,657 to $509,763 (0.2%)
Queen Creek - Decreased from $646,227 to $617,334 (4.5%)
San Tan Valley - Decreased from $423,467 to $415,383 (2.1%)
Scottsdale - Increased from $1,066,029 to $1,075,404 (0.8%)
Sun City - Decreased from $298,850 to $290,277 (2.9%)
Sun City West - Increased from $394,463 to $413,218 (4.7%)
Surprise - Increased from $419,568 to $442,771 (5.5%)
Tempe - Increased from $441,643 to $446,565 (1.1%)
