The Phoenix area real estate market continued its record breaking growth rate last month, pushing higher than the previous month which was already one of the best in recent history. We have touched on the reasons behind the growth in previous monthly market updates, but interest rates remain low, and population growth in the Phoenix area that is near an all time high are the biggest contributors. The complete, latest numbers are below.
The overall average home price in October compared to September increased by 4.4%, moving from $418,032 to $436,454. The increase over October 2019 was a staggering 24.3%. The average price per square foot decreased to $202.
Inventory decreased slightly to 7,029 homes for sale, and the number of homes sold increased to 9,154. This means that there is still less than a one month supply of homes on the market, which is an extremely strong seller's market.
The breakdown of home prices stayed the same. The percentages of available homes are: $0-$150,000 (5% of the market), $150,000-$250,000 (12%), $250,000-$500,000 (41%), $500,000+ (42%).
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 October compared to September, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $439,905 to $445,458 (1.2%)
Anthem - Increased from $407,636 to $467,061 (14.5%)
Apache Junction - Decreased from $254,939 to $248,434 (2.6%)
Avondale - Decreased from $294,968 to $293,639 (0.5%)
Buckeye - Decreased from $314,842 to $313,734 (0.4%)
Casa Grande - Decreased from $235,447 to $226,327 (3.9%)
Cave Creek - (Median Price) Decreased from $637,000 to $575,000 (9.2%)
Chandler - Increased from $408,611 to $454,271 (11.1%)
Florence - Increased from $241,468 to $248,426 (2.9%)
Fountain Hills (Median Price)- Decreased from $527,500 to $518,400 (1.7%)
Gilbert - Decreased from $450,627 to $450,391 (0.1%)
Glendale - Increased from $319,478 to $329,774 (1.0%)
Goodyear - Increased from $353,052 to $372,546 (5.5%)
Litchfield Park - Increased from $415,276 to $441,085 (6.2%)
Maricopa - Increased from $272,540 to $277,849 (1.9%)
Mesa - Increased from $344,556 to $347,562 (0.8%)
Paradise Valley (median price) -Increased from $1,850,000 to $1,985,000 (7.3%)
Peoria - Increased from $393,659 to $412,038 (4.7%)
Phoenix - Increased from $388,777 to $395,493 (1.7%)
Queen Creek - Decreased from $463,249 to $459,295 (0.9%)
San Tan Valley - Increased from $299,609 to $307,583 (2.6%)
Scottsdale - Increased from $745,812 to $782,706 (4.9%)
Sun City - Decreased from $257,949 to $257,744 (0.1%)
Sun City West - Decreased from $297,590 to $296,154 (0.5%)
Surprise - Increased from $317,401 to $326,749 (2.9%)
Tempe - Decreased from $382,099 to $373,375 (2.2%)
