Home prices in the metro Phoenix area continued their up and down pattern last month as very low inventory continues to be a significant challenge for buyers. Many buyers have turned to some of the outskirt suburbs in search of better deals which has driven prices up in those areas, while keeping them stagnant in some of the more central areas. The complete, latest numbers are below.
The overall average home price in September compared to August decreased by 1.6%, moving from $344,111 to $338,704. The increase over September 2018 was 5.3%. The average price per square foot increased to $182.
Inventory finally increased slightly to 12,400 homes for sale, and the number of homes sold decreased slightly to 7,540. Even with those changes, the numbers indicate that there is less than a two month supply of homes on the market, which is a strong seller's market.
The breakdown of home prices stayed very steady this month. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (17%), $250,000-$500,000 (46%), $500,000+ (34%).
Foreclosures and short sales continue to stay at their record low rates of 0.5% of the market and 0.2% 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 September compared to August, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Increased from $384,114 to $389,458 (1.4%)
Anthem - Increased from $374,307 to $393,148 (5%)
Avondale - Decreased from $260,721 to $259,389 (0.5%)
Buckeye - Decreased from $270,660 to $261,867 (3.3%)
Cave Creek - (Median Price) Decreased from $466,200 to $420,000 (10%)
Chandler - Decreased from $369,800 to $353,112 (4.5%)
Fountain Hills (Median Price)- Decreased from $415,000 to $365,000 (12.1%)
Gilbert - Increased from $384,946 to $390,447 (1.4%)
Glendale - Decreased from $280,432 to $274,999 (2%)
Goodyear - Decreased from $323,747 to $316,153 (2.4%)
Litchfield Park - Decreased from $358,316 to $339,601 (5.2%)
Maricopa - Decreased from $233,059 to $232,561 (0.3%)
Mesa - Increased from $300,052 to $306,817 (2.2%)
Paradise Valley (median price) -Decreased from $2,310,000 to $1,375,100 (59.5%)
Peoria - Decreased from $335,429 to $334,869 (0.2%)
Phoenix - Decreased from $317,484 to $315,548 (0.7%)
Queen Creek - Decreased from $380,651 to $375,772 (1.3%)
San Tan Valley - Increased from $260,992 to $261,997 (0.4%)
Scottsdale - Decreased from $577,103 to $550,350 (4.7%)
Sun City - Decreased from $227,209 to $225,009 (1%)
Sun City West - Decreased from $267,004 to $264,027 (1.2%)
Surprise - Decreased from $282,343 to $276,180 (2.2%)
Tempe - Increased from $305,993 to $312,112 (1.9%)
