Chandler AZ Real Estate Housing Market Report - May 2023
After remaining the same in February and March, the average sales price per square foot of Chandler homes has also increased for the second straight month. The average sales price increased from $278/sf in March to $293/sf in May. This price is lower than the price per square foot of Chandler homes in May of 2022, by $22/sf.
The days on market has decreased for the third month in a row, going from 76 DOM in February to 58 DOM for May. Homes in Chandler are still selling, but they have certainly slowed down over the last year.
This is the time of season where the housing market starts to pick up throughout the spring.
The number of new listings in Chandler decreased after increasing the previous two months, going from 234 in April to 206 this month. With this decrease, new listings are down -52.6% from May of last year. This is the lowest number of new listings in May since before 2018.
After increasing for eight straight months, more than doubling from 313 in January to 773 in September of 2022, active listings in Chandler have now decreased 8 months in a row and are down to 345 for May. With this decrease, active listings are now lower than the same month last year for the second month in a row. With this latest decrease, active listings in Chandler are less than last year's May listings by -20.3%.
The decline in the number of listings in Chandler over the last 8 months is another sign that the housing market is slowing. Fewer homeowners are putting their homes on the market partially because they are locked in at an interest rate lower than 3.5% and don't want to have to buy a home when interest rates are now around 6.0%.
Home prices have been slowly increasing throughout this year, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -9.3% since May of 2022. This is the 5th year-over-year decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.
Mortgage interest rates have been holding steady the last few weeks right around 6.0%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain that way as we enjoy the spring.
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