Chandler AZ Real Estate Market Review October 2018

JayMecray.com (480) 868-3814

Chandler AZ Real Estate Market Review October 2018

by jay mecray

Chandler AZ Real Estate Market Review October 2018

There was a significant decline in the number of ARMLS listings under contract in Chandler AZ for October 2018.   Total accepted Chandler offers was 8,133 which was down nearly 2% from September 2018 (a much shorter month with 17% fewer working days compared to October) and it was down 8% from October 2017 in Chandler.

However, this particular decline was not universal across all Chandler AZ price ranges.  Almost all of the decline in Chandler occurred in the price range from $125,000 to $225,000.  The Chandler AZ market saw just 2,630 accepted contracts, down 28% from 3,651.  Between $225,000 and $350,000 accepted Chandler contracts rose 5% to 3,226 while between $350,000 and $800,000 grew 10% to 2,003.  Between $800,000 and $2 million Chandler real estate sales there was a slight decline of 1% to 240 while over $2 million Chandler Homes saw a 31% increase to 34.

Seeing the higher than normal drop-off in Chandler contracts under $225,000 we expect to see a strong upward trend in the average Chandler home price per square-foot over the upcoming months and into the next year, since the mix of Chandler homes closing will be skewed towards the higher end.

Jay Mecray Commentary: I might have well highlighted the entire Chandler “Daily Observation” above.  I’m fond of saying, “ you make a mistake painting the Chandler market with a broad brush”…‘mastery is the art of creating distinctions’.

And so it is, with a lot of talk about declines in both  Chandler AZ supply and demand, we see a 10% year-over-year increase in our mid-range “sweet spot”; only a slight decline in the $800K – $2M and an actual increase in Chandler of 31% over $2M (albeit accomplishes that with only 3 additional sales).

This is not to say that rising interest rates and other factors in Chandler aren’t concerns going into our high season. It’s just that, “you’ll do well to be well-versed in the dynamics happening in Chandler AZ.

To that end, I like to point to the Intelligence reports you can source from Collateral Analytics. They’re proprietary, quick and informative on Chandler AZ  year-over-year comparisons.

Jay Mecray – Ask Jay, Your Personal Real Estate Expert in Chandler Arizona
(480) 868-3814
JayMecray@gmail.com
JayMecray.com

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