Chandler home sales were up nearly 10% in December. The housing market saw 315 homes change hands, with an average of 42 days on the market (down from 59) and a median sales price of $265,500 (up from $250,000). That’s an average of $148/square foot, up from $141 this time last year.
There are currently 680 homes on the market, keeping in line with December’s available inventory. There are 516 homes are under contract, a sharp increase from 419 last month. Despite coming off of the holiday season, Chandler remains a seller’s market with less than a 2 month supply of homes. Homes under $500,000 are attracting the largest number of buyers.
With the average home under contract at $157/square foot and selling after just 36 days on the market, prices will continue to rise in Chandler. 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 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 5% or higher this year. FHA loan limits have increased to $276,665.