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Chandler Real Estate Market Report March 2021

Before we get into the Chandler Real Estate Market Report for March 2021, I have a commentary written by Tina Tamboer.  Tina is the Senior Housing Analyst with the Cromford report. She was nice enough to let us use her summary of the Greater Phoenix Metro area as a backdrop for what is happening in Chandler this month. Here is her commentary…..

?️  The Greater Phoenix Metro Summary Analysis Real Estate Market Report

44% of Sales Closed Over Asking Price

New Listing Counts Lowest in Over 20 Years

?     For Buyers:

44% of sales through the Arizona Regional MLS have closed over the asking price in the last 30 days. The median amount over the asking price for all price ranges combined is $10,000 with a range between $1 to $310,000. (I know what you’re thinking, “$1 over? What is this, ‘The Price is Right’?” In some cases, yes.)

While 56% of all homes still sell for at or below list price, if you have a budget between $250K-$400K, the percentage selling over the list is highest at 52% with the median amount over asking at $10,000.  However, even if your budget is over $400K, a significant percentage is closing over the asking price.  Up to $800K, 42% have sold over the list with a median escalation of $12,000-$15,000. From $800K-$1M, 30% sold over the list with a median escalation of $17,000-$20,000.  From $1M-$2.5M, 20% sold over list with a median escalation of $30,000-$50,000. Over $2.5M, only 2 sold over asking price with a median escalation of $150,000.

Over the past 6 weeks, REALTORS® have added an average of 2,059 new listings per week to the Arizona Regional MLS.  During the same time period, an average of 2,312 contracts were accepted per week. This is what has caused the overall supply of homes to consistently drop and competition between buyers to escalate. While just over 2,000 new listings per week may seem like a lot, it’s actually the lowest rate for this time of year in at least 20 years. A normal level would be considered around 2,500 new listings.

?    For Sellers:

While supply is still 77% below normal for this time of year and demand is 17% above normal, demand has been dropping faster than supply over the last 30 days.  It’s not noticeable when one is in the midst of a contract negotiation today because sellers rarely notice when they’re getting, for example, only 15 offers instead of 25.  But consider last December demand was 35% above normal; at this rate, demand could be at a normal level in a couple months and below normal by June.  This will not cause prices to decline because there are still a minuscule number of competing listings in the MLS, but it could mean that the second half of 2021 could look different from the first, especially if there’s a temporary boost in new listings after the forbearance period ends and the foreclosure moratorium is lifted.

The average mortgage rate rose to 3.02% this month according to Freddie Mac.  Even though this is still considered an excellent rate, it understandably weakens the purchasing power for some buyers and reduces the affordability measure for Greater Phoenix overall.  When a family making the median income can afford less than 60% of what’s selling, demand is typically expected to suffer.  However, buyers with median incomes coming from Los Angeles and San Francisco are used to only affording 9-11% of what’s selling in their home towns, so Greater Phoenix prices look amazing by comparison.  In fact, for some the idea of being able to own a home at all is amazing.

Chandler Real Estate Market Report March 2021

Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2020 Cromford Associates LLC and Tamboer Consulting LLC

Below you will find the statistical breakdown and more for the Chandler area Real Estate Market Report February  2021.

View All Current & Past Phoenix & East Valley Real Estate Market Reports

Homes For Sale In Chandler, Az.
See below for All homes for sale in Chandler, Az by price and Zip Code:
  1   2   3   4   5   6

  ?   Below is a snapshot of Chandler’s Real Estate Market Statistics for February 2021       

?️     What are the Average Temperatures in Phoenix?

 

Month Low High
Jan 43.4°F 65.0°F
Feb 47.0°F 69.4°F
Mar 51.1°F 74.3°F
Apr 57.5°F 83.0°F
May 66.3°F 91.9°F
Jun 75.2°F 102.0°F
Jul 81.4°F 104.2°F
Aug 80.4°F 102.4°F
Sept 74.5°F 97.4°F
Oct 62.9°F 86.4°F
Nov 50.0°F 73.3°F
Dec 43.5°F 65.0°F

Phoenix’s coldest month is January when the average temperature overnight is 43.4°F. In July, the warmest month, the average day time temperature rises to 104.2°F. If you would like to see specific homes as they come on the market, click here to get email updates.

?   A look at Chandler’s current Sales Price. Real Estate Market Report for March 2021

In February, Chandler’s Median Sales Price was $381,000 down from last months $405,000 breaking the 3 month streak of increases . With inventory continuing to run at the historic lows, listings are getting multiple bids thus putting pressure on the price, but what is on the market in the short term will determine the median price.

If you are in the process of Buying or Selling a Home, Click on the highlighted link to see a number of interesting articles.

❓    What does this mean if you are a Buyer or a Seller?

Chandler Real Estate Market Report March 2021

As the chart above shows, Inventory in Chandler continues to remain extremely low. This month we are at .35 down from last month’s .50 months of inventory and flat to the prior months .35. Buyers should expect multiple offers since the inventory is so low. Make your offers with as few contingencies as possible. Know the Market Value of the home because you may need to go over that price to get the house.

Sellers should be prepared for multiple offers on their homes. We are seeing these historic low inventory levels creating a bidding war which is putting pressure on the buyers to bid above the sales price to get the home. Know the market value of your home, so you don’t accept an offer that causes an appraisal issue.

If you would like to see specific homes as they come on the market, click here to get email updates.

?️   What is the annual rainfall in Phoenix?

Average Rainfall for Phoenix, Arizona

Month Precipitation
Jan 0.83in.
Feb 0.77in.
Mar 1.07in.
Apr 0.25in.
May 0.16in.
Jun 0.09in.
Jul 0.99in.
Aug 0.94in.
Sept 0.75in.
Oct 0.79in.
Nov 0.73in.
Dec 0.92in.

The driest month in Phoenix is June with 0.09 inches of precipitation, and with 1.07 inches March is the wettest month.  

?️  Homes For Sale in Chandler AZ

Chandler Real Estate Market Report March 2021

Below are Homes that have come on the market in the last 7 Days around the Median price range. Also below the pictures, you will see a Chart of all the Chandler homes by price and Type: Below are all the homes available in the city of Chandler by Dollar amount and type:

Under $100,000Between $100,000-$200,000Between $200,000-$300,000Between $300,000-$400,000Between $400,000-$500,000
Between $500,000-$600,000Between $600,000-$700,000Between $700,000-$800,000Between $800,000-$900,000Between $900,000-$1,000,000
Over $1,000,000In Adult CommunitiesForeclosed HomesShort SalesWith Pools

?  Below you will see the links for the other cities in the East Valley:

 

Phoenix

Gilbert

Tempe

View All Current & Past Phoenix & East Valley Real Estate Market Reports

Contact the Shirley Coomer Group at Keller Williams Realty Sonoran Living

Mountain Park Ranch Real Estate

 

Call or Text: 602-770-0643 for more Real Estate Information

Chandler Real Estate Market Report March 2021

 

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Chandler Real Estate Market Report March 2021
Article Name
Chandler Real Estate Market Report March 2021
Description
Chandler Real Estate Market Report March 2021. Learn about the housing market in Phoenix,& what it means to buyers & sellers.
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Shirley Coomer Group
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