The median sales price for June was $291,000, up from $280,000 at this time last year. The average home closed at $156/square foot vs. $147 in 2016. Chandler’s prices continue to rise above traditional FHA loan limits, which means there will be a shift towards more conventional financing.
The current pending home sales price is $304,900 and under contract at $161 per square foot after 25 days on the market. Chandler has 596 homes under contract to be purchased.
There are currently 704 resale homes on the market, which is barely a 1-month supply. The number of homes choices, especially in the $350k and below range, remains severely limited. Chandler remains a hyper seller’s market with multiple offers showing up in the lower price ranges. We are also seeing very strong activity in the $350-500k category, as well as homes priced slightly over the half million mark.
Prices are expected to continue to rise during the summer months, during the time of peak seasonal market activity. Demand will continue to remain healthy throughout the course of the year, as Realtor.com projects Phoenix to be the hottest market in the U.S in 2017.
New construction homes, which tend to sell at a 20-30% premium over resale homes, continue to be in strong demand as well. A record number of buyers are currently the in process of building, with an average wait time of 6 – 9 months.
Although a seller’s market (multiple offers situations are not uncommon), buyers continue to negotiate closing cost assistance with offers near or at list price on resale homes, and builder lender incentives are provided when their preferred lender is utilized.