Chandler AZ Real Estate Housing Market Report - May 2022
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 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.
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.