Although the Fall tends to be a slower season for Chandler real estate sales, the trend was bucked in November. Last month 426 homes closed, on par with October’s 423 – an unprecedented happening. Phoenix is predicted to be the hottest market for 2017 according to Realtor.com in terms of sales, and is expected to boast a 6% increase in housing prices. Chandler is a suburb in the southeast valley, and is considered to be one of the most desirable parts of the valley to live in. The city will undoubtedly will benefit from the projected appreciation coming to Phoenix next year. Most impressive was the growth in the number or sales in Chandler, up 68% from last year’s 253 units. The average square foot price held steady with October’s $150, but up from last November’s $141. The median sales price was $270,000, up 12.5% over last November.
Keeping with seasonality, the number of active homes on the market has dropped from 830 on October to 777 in November. With 489 homes in escrow (includes homes under contract with contingencies) selling in a mere 29 days, there is no doubt that it’s a seller’s market. However, buyers are still negotiating closing cost assistance. Chandler’s supply is still very tight, with less than a 2 month inventory.
New construction homes continue to be built and sold at record levels, but are presenting little competition with resales.
Interest rates are remain at historic lows, but are expect to rise in 2017 to as much as 4.5% – so now may be the time to act. FHA loan limits will increase to $275,665 on January 1st.