Chandler AZ Real Estate Housing Market Report - October 2022
After increasing last month, the average sales price of Chandler homes has decreased from $663,563 in September to $602,128 in October. This is another sign that the market is slowing in Chandler as we head into the winter months.
After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has now decreased for the fifth straight month. The average sales price has dropped from $315/sf in May to $279/sf in October. This is a $10/sf increase from the $268/sf in October of 2021.
The days on market has now also increased for the fifth straight month, going from 20 DOM in May to 55 DOM for October, almost tripling in five months. Homes in Chandler are still selling, but they have certainly slowed down as we enter into the slower housing season.
After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has now decreased for the fifth straight month. The average sales price has dropped from $315/sf in May to $279/sf in October. This is a $10/sf increase from the $268/sf in October of 2021.
The days on market has now also increased for the fifth straight month, going from 20 DOM in May to 55 DOM for October, almost tripling in five months. Homes in Chandler are still selling, but they have certainly slowed down as we enter into the slower housing season.
After increasing for two straight months, Chandler home sales have decreased in October, going from 239 in September down to 200 this month. The number of Chandler home sales is lower than in October of last year by -44.3%. As we enter the winter season, home sales in Chandler typically tend to decrease, but with higher home prices and interest rates, and more homes on the market, homes sales this October are almost half of what they were last October, and significantly less than they have been over the last four years.
After increasing slightly in July, the number of new listings in Chandler has now decreased three months in a row, going from 421 in July to 238 in October. With this decrease new listings are now down -40.9% from October of last year. After seeing a shortage of homes for sale over the last two and a half years, the demand is slowing down and fewer homeowners are putting their homes on the market.
After increasing for eight straight months, going from 313 in January to 768 in September, active listings in Chandler decreased down to 747 in October. This is the seventh month in a row that active listings have been higher than the same month last year. Active listings in Chandler are now greater than last year's October listings by 55.9%. The overall rise in the number of listings in Chandler is a sign that the housing market is slowing down. Active listings are now higher than they have been since June of 2019.
Listings are catching up to demand in Chandler, as sales decrease and inventory is increasing. This is also slowing down home price increases. Median home values in Chandler have only increased an average of 3.9% since October of 2021, but just a few months ago we were seeing increases year-over-year of 25.0% or higher. Mortgage interest rates have recently increased to over 7.0%, while the COVID pandemic and war between Russia and the Ukraine has caused inflation to really jump in the U.S. It looks like we are approaching a more balanced housing market in Chandler that should remain throughout the rest of 2022.
After increasing slightly in July, the number of new listings in Chandler has now decreased three months in a row, going from 421 in July to 238 in October. With this decrease new listings are now down -40.9% from October of last year. After seeing a shortage of homes for sale over the last two and a half years, the demand is slowing down and fewer homeowners are putting their homes on the market.
After increasing for eight straight months, going from 313 in January to 768 in September, active listings in Chandler decreased down to 747 in October. This is the seventh month in a row that active listings have been higher than the same month last year. Active listings in Chandler are now greater than last year's October listings by 55.9%. The overall rise in the number of listings in Chandler is a sign that the housing market is slowing down. Active listings are now higher than they have been since June of 2019.
Listings are catching up to demand in Chandler, as sales decrease and inventory is increasing. This is also slowing down home price increases. Median home values in Chandler have only increased an average of 3.9% since October of 2021, but just a few months ago we were seeing increases year-over-year of 25.0% or higher. Mortgage interest rates have recently increased to over 7.0%, while the COVID pandemic and war between Russia and the Ukraine has caused inflation to really jump in the U.S. It looks like we are approaching a more balanced housing market in Chandler that should remain throughout the rest of 2022.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me se we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. 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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