Chandler AZ Real Estate Housing Market Report - August 2022
After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has also decreased for the third straight month. The average sales price has dropped from $315/sf in May to $295/sf in August. This is still a $32/sf increase from the $263/sf in August of 2021.
The days on market has now also increased for the third straight month, going from 20 DOM in May to 37 DOM for August. The DOM had remained at or below 31 since February of 2021. Homes in Chandler are still selling fast, but they have certainly slowed down as we enter the slower housing season in the fall.
After increasing slightly last month, the number of new listings in Chandler decreased, going from 421 last month to 340 in August. With this decrease new listings are now down -18.7% from August of last year. After seeing a shortage of homes for sale over the last two and a half years, the demand is slowing down.
After decreasing for three straight months, the number of active Chandler listings have now increased for the seventh straight month, going from 313 in January to 763 in August. This is the fifth month in a row that active listings have been higher than last year. Active listings in Chandler are now greater than last year's August listings by a whopping 74.6%. The last six months have seen a rise in the number of listings in Chandler, which is also a sign that the housing market is slowing down. Active listings are now higher than they were prior to the Covid-19 pandemic in August 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 still increased an average of 9.0% since August 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 decreased to around 5.5%, while the 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.