Chandler AZ Real Estate Update – May

Chandler saw a rather significant increase in the median sales price in May of $319,900, up from last year’s figure of $297,495. The number of homes that sold was almost exact  – 527 units vs. 518. The average per square foot price was $168, up from $157 last year.

Homes under contract are selling in an average of 20 days and going for 99.5% of list price.

Noteworthy is the number of homes on the market (557) matches number that are under contract to close (557 as well). Current pending sales price is $335,000 and $167 per square foot. Housing inventory is tight and we remain in a seller’s market. Based on current trends it may be safe to say that the median home price for next month will exceed $330,000, which will be more than a $35,000 swing from last year’s May of $292,500.

The distress factor, which consists of short sales and foreclosures, declined from 2.5% of closed sales to 1.7%. Currently less than 1% of Active listings fall into this category,  and 2.9% of all homes under contract (includes homes that can take months for bank approval, and “stack up” 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.

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