Chandler AZ Real Estate Housing Market Report - May 2022
The average sales price of Chandler homes continues to break records, growing from $583,485 in January to $706,852 in May. This is the seventh increase in the last eight months, since September of 2021, and the largest monthly increase since before 2019.
The average sales price per square foot has increased or remained the same for 24 consecutive months and is now at $315/sf in May. This is a $66/sf increase from the $249/sf in May of 2021.
The days on market for May of 2022 decreased to 20 from 23 DOM in April. This ties for the all-time low set in June and August of 2021. 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 average sales price per square foot has increased or remained the same for 24 consecutive months and is now at $315/sf in May. This is a $66/sf increase from the $249/sf in May of 2021.
The days on market for May of 2022 decreased to 20 from 23 DOM in April. This ties for the all-time low set in June and August of 2021. 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.
After increasing for two straight months, Chandler home sales have decreased two straight months, going from 328 in March to 311 in May. The number of Chandler home sales is lower than in May of last year by -15.9%. Home sales in Chandler are usually increasing this time of year, so this could be a sign that the housing market is shifting.
The number of new listings in Chandler saw an increase for the fifth straight month, going from 395 in April to 431 for May. With this increase new listings are up 17.1% from May of last year. This is the first time the monthly year-over-year change has been positive since July of 2021. However, 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 fourth straight month, going from 313 in January to 423 in May of this year. This is the second month in a row that active listings have been higher than last year. Active listings in Chandler are now greater than last year's May listings by 22.6%. The last two 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, but they are still way below pre-pandemic numbers.
There is still a lack of listings in Chandler, and the low inventory continues to drive housing demand and home prices higher. Median home values in Chandler have increased an average of 26.0% since May of 2021, which is almost unbelievable. Mortgage interest rates have increased above 5.0%, 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 spring and summer of 2022.
The number of new listings in Chandler saw an increase for the fifth straight month, going from 395 in April to 431 for May. With this increase new listings are up 17.1% from May of last year. This is the first time the monthly year-over-year change has been positive since July of 2021. However, 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 fourth straight month, going from 313 in January to 423 in May of this year. This is the second month in a row that active listings have been higher than last year. Active listings in Chandler are now greater than last year's May listings by 22.6%. The last two 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, but they are still way below pre-pandemic numbers.
There is still a lack of listings in Chandler, and the low inventory continues to drive housing demand and home prices higher. Median home values in Chandler have increased an average of 26.0% since May of 2021, which is almost unbelievable. Mortgage interest rates have increased above 5.0%, 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 spring and summer 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.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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