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Chandler Real Estate Market Report October 2020

Before we get into the Chandler Real Estate Market Report for October 2020, 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

Homes Under Contract Up 36% / Sales Up 23%
Median Sale Price Up 18%

?     For Buyers:

A common complaint in the resale market is “there’s nothing for sale”.  However from July through September, the Realtor® community added 30,340 brand new listings to the Arizona Regional MLS and sold 27,746, leaving just 8,203 remaining listings for sale.  That makes this 3rd Quarter the 2nd best in Greater Phoenix history for closings, falling just 436 sales short of 2005.  If that’s not impressive enough, there are another 13,502 properties currently under contract and scheduled to close in the next 30-45 days; up 36% from this time last year.  Because of this information we can conclude that there is plenty for sale, but many listings are simply not in Active status longer than 24 hours in order to be counted.  Getting the supply count to rise right now is like trying to fill a bathtub when the drain is wide open.

Over half of all listings that went under contract in the 3rd Quarter were Active for only 9 days or less prior to contract.  To quote the movie “Spaceballs”, that’s ludicrous speed!  As exhausting and stressful as it is for buyers and their agents, supply and demand measures indicate prices in Greater Phoenix will continue to rise well into 2021. Hopefully the short-term pain will lead to long-term gain for those who ultimately win a successful contract.

?    For Sellers:

Appreciation has accelerated significantly since June of this year.  The median sale price is up 18% since last October, but the current measure of $329,900 is up 12% from where it was just 4 months ago at $295,000. While that’s exciting for sellers, the speed at which homes are selling is causing some to worry they will not find somewhere to go after their home closes.  As a result, Realtors® are dusting off rarely used seller contingency addendums stating that any accepted contract will be contingent on the seller finding a home themselves prior to close.

Compared to last year, sellers are asking 15-20% more for their homes in all price ranges between $150K-$500K. Between $500K-$1M, list prices are up 9-13% and 3-8% for price ranges over $1M.  The highest percentage of sales over asking price in the last 30 days are occurring between $200K-$400K with a measure of 34-45%.  While that’s a high percentage, it’s not the majority of sales. Most properties are still closing at or below asking price. However for those who did go over asking price under $400K, most winning bids were within $7,000 of list.

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 September 2020.

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:

 

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  ?   Below is a snapshot of Chandler’s Real Estate Market Statistics for September 2020

         

https://mountainparkranchrealestate.com/chandler-real-estate-market-report-october-2020/

?️     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 October 2020

In September, Chandler’s Median Sales Price was $375,000 down slightly from last months $380,000, and basically flat from July’s $376,000. With inventory continuing to run at historic lows, listings are getting multiple bids thus putting pressure on the price. In September, Inventory was .61 vs last months .65. If inventory continues to run this low, we would expect continued pressure on 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?

Real Estate Market Report

As the chart above shows, Inventory in Chandler is at .61 months slightly down from last months .65. 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 the list price to get the house.

Sellers should be prepared for multiple bids 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?

https://mountainparkranchrealestate.com/chandler-real-estate-market-report-october-2020/

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

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.

Summary
Chandler Real Estate Market Report October 2020
Article Name
Chandler Real Estate Market Report October 2020
Description
Chandler Real Estate Market Report September 2020. Learn about the housing market in Phoenix,& what it means to buyers & sellers.
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Shirley Coomer Group
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