February Chandler home sales were on par with last year’s numbers. The Chandler housing market saw 334 homes change hands (316 last year) with an average of 41 days on the market (down from 53) and a median sales price of $273,000 (up from $269,000). That’s an average of $155/square foot, up from $142 this time last year.
There are currently 668 homes on the market, keeping in line with January’s available inventory. The number of home choices remains limited, but is expected to grow through the summer months. There are 614 homes are under contract, a nearly 20% increase from the 516 that we saw last month. Chandler remains a seller’s market with less than a 2 month supply of homes available. Listings under $350,000 are attracting the largest number of buyers, but we are also seeing healthy buyer activity in the $350,000-500,000 range, as well as homes priced slightly just above the $500,000 mark.
With the average home under contract for $295,000 while selling after just 27 days on the market, prices will continue to rise in Chandler. The gap between last month’s median sales price and this month’s pending sales prices should provide a decent price jump in March’s median home sales price. Expect to see a very strong market in 2017, with buyer demand close to an all-time high and limited inventory available. Demand for homes will continue to rise steadily until the late summer months.
New construction homes continued to be in high demand, which tends to accommodate the trade-up market. Build times are currently being quoted between 6 – 9 months. Buyers continue to negotiate closing cost assistance on offers within reason on resale homes and are receiving closing costs incentives from builders.
A current trend in Chandler new construction is homes built with a guest suite or mother-in-law quarters. More families are deciding to move towards inter-generational living to be closer to family and help keep expenses down.
Interest rates are at historic lows, but are already beginning to rise and are projected to rise to more than 5%, which would start to slow the buying pace in Chandler.