Chandler Real Estate Market News June 28

Posted by Cathy Carter on Thursday, June 28th, 2018 at 10:43am.

Chandler Real Estate Market News June 28

Market trends help you understand the movement of key price indicators. Use this report to stay up-to-date with the latest sales in Chandler and the surrounding area. Trends in Chandler show a -0% week-over-week drop in average listing price and a 3% rise in median rent per month. The median sales price for homes in Chandler for March 21 to June 20 was $305,000 based on 1,436 home sales. The average price per square foot for Chandler was $168, which is an increase of 9% compared to this time last year. 

Quick Chandler Demographics Overview:

  • 28% of Chandler residents are single.
  • The median age of Chandler residents is 34 years.
  • The median household income in Chandler is $71,463.
  • 49% of Chandler residents are college educated.  

Greater Phoenix Area New Listings Report June 22

Each week new listings are compared with the same point in the same month in prior years.  There are far more new listings on Thursdays and Fridays so it is only a fair comparison when the date can be divided by 7.  After June 21, 2017, there were 6,749 new listings activated for Greater Phoenix and after June 21, 2018, there were 6,746 - a negligible difference. Overall, the rate of new supply is almost identical. Of course, the listings in 2018 tend to be higher priced than in 2017.

  • There were 153 new listings over $1 million versus 167 in the first 3 weeks of June last year (down 8%).
  • There were 682 new listings between $500,000 and $1 million versus 605 (up 13%).
  • There were 3,117 new listings between $250,000 and $500,000 versus 2,721 (up 15%).
  • There were 2,794 new listings under $250,000 versus 3,256 (down 14%).

As you can see above, there were fewer new listings at the top and bottom and more in the mid-range up to $1 million.

Below is a chart showing the Cromford® Market Index for the 17 largest cities in the Greater Phoenix Area and their single-family housing markets for June 21 and how it has changed over the past month.

Cromford® Market Index for the 17 Largest Metro Phoenix Area Cities  

As you can see from the data, the cities improving for sellers outnumber the cities that are deteriorating by 9 to 7. The biggest improvements can be seen for Scottsdale, Goodyear, and Surprise. Also, none of the backward movements exceed 5%. Paradise Valley has moved out of the balanced zone and is now benefiting sellers. There’s nothing here to scare sellers or give buyers much relief. The Cromford Index for Chandler now is 201.4 which is showing zero change from last month.

Single-family Sales Over The Past 12 Months

Below are the major and secondary cities ranked by the change in the annual single-family sales rate over the past 12 months:

  1. Buckeye +17.2%
  2. Fountain Hills +16.3%
  3. Litchfield Park +13.2%
  4. El Mirage +10.2%
  5. Paradise Valley +10.0%
  6. Arizona City +8.5%
  7. Queen Creek +8.5%
  8. Apache Junction +7.7%
  9. Maricopa +7.2%
  10. Surprise +6.9%
  11. Peoria +6.3%
  12. Gold Canyon +6.0%
  13. Tempe +5.1%
  14. Scottsdale +4.7%
  15. Phoenix +2.8%
  16. Sun City +2.7%
  17. Cave Creek +2.3%
  18. Mesa +2.2%
  19. Tolleson +1.1%
  20. Sun Lakes +0.7%
  21. Goodyear +0.5%
  22. Sun City West +0.0
  23. Glendale -0.4%
  24. Gilbert -2.0%
  25. Avondale -3.9%*
  26. Chandler -4.2%
  27. Anthem -8.7%
  28. Casa Grande -9.8%
  29. Laveen -17.1%

As you can see, there is quite a range from -17% to +17%.  A growing annual sales rate is generally a positive indicator, and the opposite is usually true of a declining rate. Although in some cases, such as Avondale*, the underlying reason for the declining rate is a shortage of inventory rather than a lack of interest by buyers.

Phoenix Area Construction Forecast for Single-family New Build Permits  

General economic confidence is at the highest level it’s been for years and the outlook for single-family permits also remains very positive. Construction forecasts for 2018 and 2019 by ASU’s Seidman Research Institute for greater Phoenix indicate an average increase in the number of new build permits -- 26% for 2018 and 12% 2019. Interest rates will remain low and prices will continue to rise, but price increases should begin to moderate, towards the end of this year into next. As the new build inventory comes online and rising prices curb some buyers, the inventory shortage should return to a more balanced market. Prices will continue to rise for a while and buying now could save you a lot of money and give your new home purchase immediate equity.

Thinking about buying or selling your home in Chandler or the surrounding area? Work with the most Experienced Chandler REALTOR® - Cathy Carter

If you are thinking about buying a home in Chandler or selling your existing home, Cathy Carter, licensed REALTOR® can help. A lot goes into buying and selling real estate in Chandler and Cathy believes that no one person, no matter how experienced or knowledgeable, can provide the best service without a team of specialists. With Cathy and her professional team, it starts with listening to your wants and needs and hearing your concerns and goals. Cathy is then able to uncover the right home in the right neighborhood that best meets your needs or execute the best strategy to sell your home as quickly as possible and for top dollar. Offering over two decades of real estate experience, Cathy understands that frequent and open communication is essential to each and every transaction, and her phone never goes unanswered. Cathy's number one objective is to make the buying or selling process as stress-free and rewarding as possible for you. Why not give Cathy a call today?

Chandler Homes for Sale

All Listings Under $100,000 $100,000 - $200,000
$200,000 - $300,000 $300,000 - $400,000 $400,000 - $500,000
$500,000 - $600,000 $600,000 - $700,000 $700,000 - $800,000
$800,000 - $900,000 $900,000 - $1,000,000 Over $1,000,000

Please give the most experienced Chandler REALTOR® - Cathy Carter a call today at 480-459-8488 or fill out the online contact form, and she will be delighted to answer any questions you may have.

CATHY CARTER, REALTOR®
ABR, CRS, CDPE
2450 S. Arizona Ave, Suite 1
Chandler, Arizona 85286
Cell: 480-459-8488

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Post by Cathy Carter

Cathy has been in the Real Estate industry for over two and a half decades in the Arizona market. She has the ability and confidence along with continued education that is necessary to succeed in this ever-changing market. Cathy specializes in difficult to move properties in the Chandler Area. Quick to respond to all tasks required. Equator Certified Platinum for Bank owned homes and Short Sales as well.

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