Chandler AZ Real Estate Housing Market Report - July 2023
The average sales price of Chandler homes increased quite a bit this month after decreasing last month, going from $608,524 in June to $632,009 in July. Prices are still up overall since January of this year, but not quite as the all-time high we saw in May of 2022.
After decreasing last month, the average sales price per square foot of Chandler homes increased this month. The average sales price increased from $288/sf in June to $291/sf in July. This price is lower than the price per square foot of Chandler homes in July of 2022, by just $8/sf.
The Chandler days on market has decreased for the 5th month in a row, going from 76 DOM in February to 36 DOM in July. The DOM has been reduced by half in just 4 months, and homes in Chandler are selling almost as fast as this time last year.
This is the last month that typically signifies the peak of the housing season, so we should see a slowdown next month.
After decreasing last month, the average sales price per square foot of Chandler homes increased this month. The average sales price increased from $288/sf in June to $291/sf in July. This price is lower than the price per square foot of Chandler homes in July of 2022, by just $8/sf.
The Chandler days on market has decreased for the 5th month in a row, going from 76 DOM in February to 36 DOM in July. The DOM has been reduced by half in just 4 months, and homes in Chandler are selling almost as fast as this time last year.
This is the last month that typically signifies the peak of the housing season, so we should see a slowdown next month.
After increasing in May, Chandler home sales have decreased the last two months, going from 252 in May to 211 in July. The number of Chandler home sales is now higher than in July of last year by 6.0%. This is the first month home sales have been greater than the same month last year since May of 2021 (over 2 years).
The number of new listings in Chandler decreased for the 3rd straight month after increasing the previous two months, going from 234 in April to 199 in July. With this decrease, new listings are down -52.7% from July of last year. This is the lowest number of new listings in July 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 10 months in a row and are down to 284 for July. With this decrease, active listings are now lower than the same month last year for the 4th month in a row. With this latest decrease, active listings in Chandler are less than last year's July listings by -59.9%.
The decline in the number of listings in Chandler over the last 10 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 7.0%.
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 -7.4% since July of 2022. This is the 7th 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 7.0%, 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 get through the summer and enter the fall.
The number of new listings in Chandler decreased for the 3rd straight month after increasing the previous two months, going from 234 in April to 199 in July. With this decrease, new listings are down -52.7% from July of last year. This is the lowest number of new listings in July 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 10 months in a row and are down to 284 for July. With this decrease, active listings are now lower than the same month last year for the 4th month in a row. With this latest decrease, active listings in Chandler are less than last year's July listings by -59.9%.
The decline in the number of listings in Chandler over the last 10 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 7.0%.
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 -7.4% since July of 2022. This is the 7th 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 7.0%, 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 get through the summer and 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 | [email protected]
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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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