Chandler AZ Real Estate Housing Market Report - March 2023
The average sales price of Chandler homes decreased in March, after increasing in February, going from $607,490 in February to $599,307 this month. This is the first March that sales prices in Chandler have decreased since March of 2020 when Covid-19 hit.
After increasing for the first time in 8 months in February, the average sales price per square foot of Chandler homes remained the same in March. The average sales price remained at $278/sf for the second straight month. This price is lower than the price per square foot of Chandler homes in March of 2022, by $28/sf.
After increasing last month, the days on market has decreased this month, going from 76 DOM in February to 72 DOM for March. Homes in Chandler are still selling, but they have certainly slowed down over the last 10 months.
This is the time of season where the housing market starts to pick up as spring is here.
After increasing for the first time in 8 months in February, the average sales price per square foot of Chandler homes remained the same in March. The average sales price remained at $278/sf for the second straight month. This price is lower than the price per square foot of Chandler homes in March of 2022, by $28/sf.
After increasing last month, the days on market has decreased this month, going from 76 DOM in February to 72 DOM for March. Homes in Chandler are still selling, but they have certainly slowed down over the last 10 months.
This is the time of season where the housing market starts to pick up as spring is here.
Chandler home sales have increased for the second straight month, going from 152 in January to 239 this month. The number of Chandler home sales is still lower than in March of last year by -27.1%. Although home sales are increasing, which it typical for this time of year, they are the lowest sales in March since before 2018.
After decreasing last month, the number of new listings in Chandler increased in March, going from 195 in February to 210 this month. With this decrease, new listings are now down -44.9% from March of last year. This is the lowest number of new listings in March since before 2018.
After increasing for eight straight months, more than doubling from 313 in January to 773 in September of 2022, active listings in Chandler have now decreased 6 months in a row and are down to 382 for March. Although home inventory is decreasing, this is the 12th month in a row that active listings have been higher than the same month last year. Even with this latest decrease, active listings in Chandler are still greater than last year's February listings by 17.9%.
The decline in the number of listings in Chandler over the last 6 months is another sign that the housing market is slowing. Fewer homeowners are putting their homes on the market partially because they are locked in at an interest rate lower than 3.5% and don't want to have to buy a home when interest rates are now over 6.0%.
Home prices have been holding steady the last 6 months, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -9.9% since March of 2022. This is the 3rd year-over-year decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.
Mortgage interest rates have been decreasing the last several weeks down to just around 6.2%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain that way as we enjoy the spring.
After decreasing last month, the number of new listings in Chandler increased in March, going from 195 in February to 210 this month. With this decrease, new listings are now down -44.9% from March of last year. This is the lowest number of new listings in March since before 2018.
After increasing for eight straight months, more than doubling from 313 in January to 773 in September of 2022, active listings in Chandler have now decreased 6 months in a row and are down to 382 for March. Although home inventory is decreasing, this is the 12th month in a row that active listings have been higher than the same month last year. Even with this latest decrease, active listings in Chandler are still greater than last year's February listings by 17.9%.
The decline in the number of listings in Chandler over the last 6 months is another sign that the housing market is slowing. Fewer homeowners are putting their homes on the market partially because they are locked in at an interest rate lower than 3.5% and don't want to have to buy a home when interest rates are now over 6.0%.
Home prices have been holding steady the last 6 months, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -9.9% since March of 2022. This is the 3rd year-over-year decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.
Mortgage interest rates have been decreasing the last several weeks down to just around 6.2%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain that way as we enjoy the spring.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. 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 | [email protected]
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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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