Chandler AZ Real Estate Housing Market Report - October 2021
After two months of decreasing, the average sales price of homes in Chandler finally saw another increase back up to $558,208 for October. This is still not quite as high as prices reached in July of this year, when they saw an all-time high of $569,492. The average sales price per square foot has increased or remained the same for 16 straight months, and is now at $269/sf for October. This is a $61/sf increase from the $208/sf in October 2020.
After decreasing to an all-time low of 20 DOM in August, the days on market has increased for the second straight month, and is back up to 27 for October. This is the highest the Chandler DOM has been since January of 2021. It is amazing that the DOM has continued to remain so low, 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 decreasing to an all-time low of 20 DOM in August, the days on market has increased for the second straight month, and is back up to 27 for October. This is the highest the Chandler DOM has been since January of 2021. It is amazing that the DOM has continued to remain so low, 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 decreased from 379 in September to 358 in October, and remains less than October of last year by -12.7%. This is a huge turnaround from May, where home sales were up 23.4% from May of 2020. I believe the large increase in Chandler home sales you saw earlier this year compared to last year had a lot to due with the COVID-19 pandemic. However, by June of 2020 the real estate business was starting to get back to normal. That is obviously being reflected by the fact that fewer homes were sold in October of 2021 (358) than in October of last year (410).
The number of new listings has dropped for the third straight month, down to 384, and are down -12.7% from October of last year, as many people continue to stay put, and there have not been enough new homes built to keep up with demand. At 465, the number of active listings has increased for the fifth straight month, but is still down -10.9% from October of last year. This is much closer to what we saw in 2020 compared to earlier in the year when the number of new listings were down close to -20.0%.
The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 24.5% since October of 2020, which is almost unbelievable. I wonder how much longer home values can continue to increase like this. Mortgage interest rates have started to increase above 3.0%, but are still hovering around 3.2%, and there are still more buyers looking to purchase in 2021 than there are homes for sale.
The number of new listings has dropped for the third straight month, down to 384, and are down -12.7% from October of last year, as many people continue to stay put, and there have not been enough new homes built to keep up with demand. At 465, the number of active listings has increased for the fifth straight month, but is still down -10.9% from October of last year. This is much closer to what we saw in 2020 compared to earlier in the year when the number of new listings were down close to -20.0%.
The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 24.5% since October of 2020, which is almost unbelievable. I wonder how much longer home values can continue to increase like this. Mortgage interest rates have started to increase above 3.0%, but are still hovering around 3.2%, and there are still more buyers looking to purchase in 2021 than there are homes for sale.
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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