Chandler AZ Real Estate Housing Market Report - August 2023
The average sales price of Chandler homes decreased this month after increasing last month, going from $632,009 in July to $615,769 in August. Prices are still up overall since January of this year, but not quite as high as the all-time high we saw in May of 2022.
The average sales price per square foot of Chandler homes increased for the second month in a row. The average sales price increased from $288/sf in June to $294/sf in August. This price is lower than the price per square foot of Chandler homes in August of 2022, by just $1/sf.
After decreasing for 5 straight months the Chandler days on market has increased in August, going from 36 DOM in July to 39 DOM this month. This is only the second increase for DOM in Chandler this year, and it is just about the same number as this time last year.
This is the first month that typically signifies the slowing down of the housing season in Arizona, so we should expect lower numbers the remainder of the year.
The average sales price per square foot of Chandler homes increased for the second month in a row. The average sales price increased from $288/sf in June to $294/sf in August. This price is lower than the price per square foot of Chandler homes in August of 2022, by just $1/sf.
After decreasing for 5 straight months the Chandler days on market has increased in August, going from 36 DOM in July to 39 DOM this month. This is only the second increase for DOM in Chandler this year, and it is just about the same number as this time last year.
This is the first month that typically signifies the slowing down of the housing season in Arizona, so we should expect lower numbers the remainder of the year.
After increasing in May, Chandler home sales have decreased the last three months, going from 252 in May to 180 in August. The number of Chandler home sales is now lower than in August of last year by -16.3%. Home sales are still significantly lower than sales the previous 5 years.
The number of new listings in Chandler increased after remaining the same or decreasing the previous three months, going from 200 in July to 230 in August. With this increase, new listings are down -33.1% from August of last year. This is by far the lowest number of new listings for August 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 11 months in a row and are down to 280 for August. With this decrease, active listings are now lower than the same month last year for the 5th month in a row. With this latest decrease, active listings in Chandler are less than last year's July listings by -63.5%.
The decline in the number of listings in Chandler over the last 11 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 7.6%.
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 -2.2% since August of 2022. This is the 8th 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 slightly increasing the last few weeks to right around 7.6%, and some experts say inflation is slowing. With declining inventory and greater demand, it looks like we are still in a sellers' housing market in Chandler. It should remain that way as we enter the fall.
The number of new listings in Chandler increased after remaining the same or decreasing the previous three months, going from 200 in July to 230 in August. With this increase, new listings are down -33.1% from August of last year. This is by far the lowest number of new listings for August 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 11 months in a row and are down to 280 for August. With this decrease, active listings are now lower than the same month last year for the 5th month in a row. With this latest decrease, active listings in Chandler are less than last year's July listings by -63.5%.
The decline in the number of listings in Chandler over the last 11 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 7.6%.
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 -2.2% since August of 2022. This is the 8th 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 slightly increasing the last few weeks to right around 7.6%, and some experts say inflation is slowing. With declining inventory and greater demand, it looks like we are still in a sellers' housing market in Chandler. It should remain that way as we enter the fall.
For more detailed stats on the Chandler Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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