Look at the difference between the normal active listing asking price (~$193 per square foot) and the sales price (~$112). The numbers are probably skewed for one reason: The high priced homes are not selling. They are probably the reason the numbers are so high on the active listing side, and the homes that are selling are in just a much lower price range. As an example, the normal listings make up 43% of the active listings but only 26% of the monthly sales. Lender owned homes on the other hand make up ~16% of the active listings yet make up 57% of sales. They are selling at ~$61 per square foot.
All that to say the Phoenix Real Estate Market is still distressed.
Keller Williams Arizona Realty