Chandler saw a increase in the median sales price of 9.4% in June at $320,000, up from last year’s figure of $292,500. The number of homes that sold was notably lower, however – 468 vs. 512. The average per square foot price was $169, up from $156 last year.
Homes that closed are selling in an average of 34 days and 99% of listed price.
Noteworthy is the number of homes on the market (634) is up from last month’s active inventory of 557. Current pending sales price is $329,450 and $167 per square foot. Housing inventory is tight and we remain in a seller’s market.
The distress factor, which consists of short sales and foreclosures, declined from 1.4% of closed sales to less than 1%. Currently less than 1% of Active listings fall into this category, and 2.3% of all homes under contract (includes homes that can take months for bank approval, and “stack up” in the pipeline as a result).
We are seeing a very diverse group of homebuyers and sellers, predominantly Millennial first-time homebuyers, followed by trade-up/downsizing buyers and sellers (who are generally selling their homes and not renting them out); some investors are selling off properties they purchased after the market crash and seeing healthy profits, but not enough to keep up with the intense demand we are seeing now and anticipated increase in buyer activity as the summer comes into full swing.