Chandler saw a rather significant increase in the median February home sales price of $292,500, up from last year’s figure of $273,000. The number of homes that sold was was comparable – 338 units vs. 334. The average per square foot price was $161, up from $155 last year.
Homes under contract are selling in an average of 23 days.
Noteworthy is the number of homes on the market (542) is less than number that are under contract to close (586). Current pending sales price is $313,900 and $169 per square foot. Housing inventory is frighteningly low and we remain in a seller’s market.
The distress factor, which consists of short sales and foreclosures, declined from 3.6% of closed sales to 2.7%. Only 1.7% of Active listings fall into this category, and 2.8% 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 Spring approaches.