Chandler AZ Real Estate Housing Market Report - July 2022
After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has decreased for the second straight month. The average sales price has dropped from $315/sf in May to $299/sf in July. This is still a $36/sf increase from the $263/sf in July of 2021.
The days on market has now increased for the second straight month, going from 20 DOM in May to 31 DOM for July. 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, although there seems to be a shift happening in the housing market.
After increasing for five straight months, the number of new listings in Chandler saw its second straight decrease, going from 435 in May to 419 for July. With this decrease new listings are now down -9.1% from July of last year. There is still a lack of homes for sale compared to 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 decreasing for three straight months, the number of active Chandler listings have now increased for the sixth straight month, going from 313 in January to 700 in July. This is the fourth month in a row that active listings have been higher than last year. Active listings in Chandler are now greater than last year's July listings by a whopping 78.1%. The last six months have seen a rise in the number of listings in Chandler, which is also a sign that the housing market may be slowing down. Active listings are nearing the numbers they were at prior to the Covid-19 pandemic.
There is still a lack of listings in Chandler, but sales have decreased which is increasing the inventory and slowing down home prices. Median home values in Chandler have increased an average of 16.8% since July of 2021, which is starting to decline. 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. However, it looks like there will still more buyers looking to purchase Chandler homes 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.