Chandler AZ Real Estate Housing Market Report - November 2022
After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has now decreased for the sixth straight month. The average sales price has dropped from $315/sf in May to $276/sf in November. This is the exact same price per square foot of homes in Chandler as it was in November of 2021.
The days on market has now also increased for the sixth straight month, going from 20 DOM in May to 63 DOM for November, more than tripling in six months. Homes in Chandler are still selling, but they have certainly slowed down as we enter into the slower housing season.
After increasing slightly in July, the number of new listings in Chandler has now decreased four months in a row, going from 421 in July to 171 in November. With this decrease new listings are now down -36.4% from November of last year. After seeing a shortage of homes for sale over the last two and a half years, the demand is slowing down and fewer homeowners are putting their homes on the market.
After increasing for eight straight months, going from 313 in January to 768 in September, active listings in Chandler have now decreased two months in a row and are down to 692 for November. This is the eighth month in a row that active listings have been higher than the same month last year. Active listings in Chandler are now greater than last year's November listings by 64.4%. The decline in the number of listings in Chandler over the last two months is another sign that the housing market is slowing, as homes are taking longer to sell, and fewer homeowners are putting their homes on the market. Active listings are still higher than they have been since July of 2019.
Listings are catching up to demand in Chandler, as sales are decreasing. Home price increases are also slowing due to inflation and lower demand. Median home values in Chandler have increased an average of 7.4% since November of 2021, but just a few months ago we were seeing increases year-over-year of 25.0% or higher. Mortgage interest rates have recently decreased to just over 6.5%, while the COVID pandemic and war between Russia and the Ukraine has caused inflation to really jump in the U.S. It looks like we are approaching a more balanced housing market in Chandler that should remain 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.