CHANDLER MARKET RECAP FOR DECEMBER: While home sales declined by 5% last month, the average sales price increased. Lower home sales were a direct result of decreased inventory available, which caused the upward trend in pricing. Chandler saw 382 homes change hands with an average of 45 days on the market and a median sales price of $269,850. That’s an average of $153/square foot, up from $138 this time last year. Overall, Chandler home sales were up 15% in 2016 with a total of 5,212 homes sold.
As we typically see in holiday months, active listings were lower than other months. There are currently 686 homes on the market, a slight 11% decrease from November’s inventory. 419 sales are pending. Despite the holiday season, Chandler remains a seller’s market with less than a 2 month supply of homes. Homes under $500,000 are in the highest demand.
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 with reasonable offers on resale homes and receive closing costs incentives from builders.
A new trend in 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 may rise to as much as 4.5% this year. FHA loan limits have increased to $276,665.
By zip code:
85224: 55 homes closed at a median sales price of $225,000 in 33 days. Average per/sq ft price was $157.
85225: 108 homes closed at a median sales price of $233,450 in 35 days. Average per/sq ft price was $142.
85226: 52 homes closed at a median sales price of $257,500 in 58 days. Average per/sq ft price was $155.
85248/Chandler: 37 homes closed at a median sales price of $337,000 in 70 days. Average per/sq ft price was $168.
85249: 72 homes closed at a median sales price of $395,000 in 56 days. Average per/sq ft price was $152.
85286: 58 homes closed at a median sales price of $345,000 in 40 days. Average per/sq ft price was $145.
Clemente Ranch neighborhood: 7 homes closed at a median sales price of $338,000 in 24 days. Average per/sq ft price was $165.
