Chandler AZ Real Estate Housing Market Report - February 2022
The average sales price per square foot has increased or remained the same for 21 straight months and is now at $291/sf in February of 2022. This is a $62/sf increase from the $229/sf in February of 2021.
The days on market for February of 2022 decreased to 26, the same as it was last February, and the lowest it has been since September of 2021. Days on market had been creeping up since it reached an all-time low of 20 in August of 2021, but this drop in February may mean DOM may remain low throughout the 2022 spring housing season. The DOM has remained at or below 31 since February of 2021, which means that homes in Chandler are selling faster than they ever have, and most home sellers are receiving multiple offers which continues to drive prices up.
The number of new listings in Chandler saw an increase for the second straight month, going from 288 in January to 293 for February. This is not a significant increase, and new listings are still down -10.7% from February of last year. We still have a lack of homes for sale to keep up with the demand because people are staying in their homes longer, and there have not been enough new homes built to satisfy the number of buyers.
After increasing for five straight months, the number of active Chandler listings have now decreased for the fourth straight month, going from 477 in October of 2021 to 307 in February of 2022. This is the lowest number of active listings for February since before 2018. New listings in Chandler are now less than last year's February listings by -10.7%.
The lack of listings in Chandler continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 31.8% since February of 2021, which is almost unbelievable. Mortgage interest rates have started to increase above 4.0%, and the war between Russia and the Ukraine has caused inflation to really jump in the U.S., but it looks like there will still more buyers looking to purchase Chandler homes throughout the early part 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.