Chandler AZ Real Estate Housing Market Report - October 2022
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 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.
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.