As predicted last month, the home prices in the Phoenix area continued to bounce around, this time increasing slightly, as the end of the year approaches. In fact, very little changed in inventory, price, or number of homes sold.
The overall average home price in October increased by 0.6%, moving from $298,313 to $300,011. The increase over October 2016 was 4.5%. The average price per square foot was unchanged at $149.
Inventory increased slightly to 16,823 homes for sale and the number of homes sold stayed roughly the same at 6,965. This indicates that there is a two and a half month supply of homes on the market, which is a seller's market.
The breakdown of homes currently available remained unchanged for the most part, and homes under $150,000 remain very difficult to find. The percentages of available homes are: $0-$150,000 (6% of the market), $150,000-$250,000 (25%), $250,000-$500,000 (41%), $500,000+ ($28%).
Foreclosures and short sales continue to stay at their record low rates of 0.8% of the market and 0.6% 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 October compared to September, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $328,336 to $337,251 (2.7%)
Anthem - Increased from $310,138 to $334,021 (7.7%)
Avondale - Decreased from $221,441 to $218,771 (1.2%)
Cave Creek - (Median Price) Decreased from $430,000 to $419,000 (2.5%)
Chandler - Decreased from $334,091 to $320,689 (4.1%)
Fountain Hills (Median Price)- Decreased from $417,000 to $412,000 (1.2%)
Gilbert - Decreased from $343,530 to $336,587 (2.0%)
Glendale - Decreased from $240,105 to $233,430 (2.8%)
Goodyear - Decreased from $288,725 to $283,552 (1.8%)
Maricopa - Increased from $200,949 to $202,551 (0.8%)
Mesa - Decreased from $249,101 to $240,068 (3.6%)
Paradise Valley (median price) -Increased from $950,000 to $1,291,000 (36%)
Peoria - Increased from $294,475 to $296,242 (0.6%)
Phoenix - Increased from $270,723 to $284,980 (5.3%)
Queen Creek - Decreased from $308,457 to $308,331 (0.1%)
San Tan Valley - Decreased from $217,778 to $213,638 (2%)
Scottsdale - Decreased from $536,564 to $497,540 (7.3%)
Sun City - Increased from $193,353 to $198,196 (2.5%)
Sun City West - Increased from $224,235 to $239,249 (6.7%)
Surprise - Increased from $240,714 to $244,382 (1.5%)
Tempe - Increased from $266,051 to $279,252 (4.9%)
