For the third consecutive month, Phoenix area home prices showed a small decrease month over month. However, not much changed in terms of very low inventory and high sales volume, so it's difficult to say that the price decrease is an indication of any major market changes at this time. Homes continued to sell, on average, above their asking price. In short, while bidding wars are still often occurring, the total numbers of bidders is likely decreasing slightly which is causing homes to sell closer to their asking prices. The complete, latest numbers are below.
The overall average home price in September compared to August decreased by 0.5%, moving from $497,465 to $495,087. The year over year increase over September 2020 was 20%. The average sale price as a percentage of the listing price was 100.5% (meaning on average homes are selling above the asking price), and the average days on the market was 27. The average price per square foot increased to $278.
Inventory increased slightly to 7,061 homes for sale, and the number of homes sold also increased slightly to 8,809. This means that there is 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 exactly the same. The percentages of available homes are: $0-$150,000 (3% of the market), $150,000-$250,000 (5%), $250,000-$500,000 (45%), $500,000+ (47%).
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 September compared to August, in some of the individual cities in the Phoenix metro area:
Ahwatukee - Decreased from $566,815 to $511,357 (9.2%)
Anthem - Decreased from $507,906 to $507,552 (0.1%)
Apache Junction - Decreased from $370,102 to $311,924 (15.8%)
Avondale - Increased from $382,503 to $392,870 (2.7%)
Buckeye - Increased from $404,194 to $421,599 (4.3%)
Casa Grande - Increased from $305,325 to $315,233 (3.2%)
Cave Creek - (Median Price) Decreased from $709,000 to $687,000 (3.1%)
Chandler - Decreased from $531,934 to $507,570 (4.6%)
Florence - Increased from $322,549 to $326,833 (1.3%)
Fountain Hills (Median Price)- Increased from $550,000 to $580,000 (5.4%)
Gilbert - Decreased from $576,639 to $569,968 (1.2%)
Glendale - Increased from $404,767 to $409,266 (1.1%)
Goodyear - Increased from $461,267 to $479,075 (3.9%)
Laveen - Increased from $422,237 to $430,925 (2.1%)
Litchfield Park - Increased from $513,002 to $575,808 (12.2%)
Maricopa - Decreased from $367,113 to $362,505 (1.2%)
Mesa - Decreased from $431,287 to $420,115 (2.6%)
Paradise Valley (median price) -Decreased from $2,350,000 to $2,120,000 (9.8%)
Peoria - Increased from $484,308 to $492,858 (1.7%)
Phoenix - Increased from $452,593 to $452,783 (0.1%)
Queen Creek - Increased from $555,764 to $594,230 (6.9%)
San Tan Valley - Increased from $415,905 to $425,253 (2.2%)
Scottsdale - Increased from $896,512 to $898,968 (0.2%)
Sun City - Increased from $312,390 to $313,163 (0.2%)
Sun City West - Decreased from $387,371 to $373,286 (3.7%)
Surprise - Decreased from $427,949 to $415,973 (2.8%)
Tempe - Decreased from $433,713 to $427,453 (1.4%)
