Chandler AZ Housing Update – July

Chandler saw a slight decline in the median sales price in July at $306,000, down from last year’s figure of $310,000. The number of homes that sold was on par, however  – 450 vs 451. The average per square foot price was $167, up from $156 last year. The median square footage size dropped by almost 200 from 2,053 to 1,840, which indicated that buyers are buying slightly smaller homes.

Homes that closed are selling in an average of 35 days and 99.34% of listed price.

Active inventory dropped 12% from June’s count with a median asking price of a whopping $395,000. Current pending sales price is $325,762 and $169 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 1.8% of closed sales to 1.3%. Currently only 1/2% of Active listings fall into this category,  and 2.6% of all homes under contract (includes homes that can take months for bank approval, and “stack up” in the pipeline as a result).

As Chandler schools have convened, it appears that we have passed the “prime time” or peak selling/buying season of 2018. Approaching the Fall we are likely to see activity tick up again, but not to the degree we saw over the Summer season.

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.

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