Chandler Housing Market Snapshot – March

Chandler saw a rather significant increase in the median March home sales price of $307,000, up from last year’s figure of $292,000. The number of homes that sold was was comparable – 506 units vs. 491. The average per square foot price was $166, up from $155 last year.

Homes under contract are selling in an average of 24 days and going for 99% of listed (asking) price.

Noteworthy is the number of homes on the market (532) is less than number that are under contract to close (606). Current pending sales price is $315,000 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 $310,000, which will be almost a $30,000 swing from last year’s April of $281,000.

The distress factor, which consists of short sales and foreclosures, declined from 2.9% of closed sales to a mere 1%. Only 2% of Active listings fall into this category, and 3.3% 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.

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