Home supply in the East Valley around Chandler Arizona in the range of $200K-$250K has risen over 8% since May of 2018

Home supply in the East Valley around Chandler Arizona in the range of $200K-$250K has risen over 8% since May of 2018

by jay mecray (480) 868-3814

Home supply in the East Valley around Chandler Arizona in the range of $200K-$250K has risen over 8% since May of 2018

Price Reductions in the East Valley around Chandler Arizona are up 7% in this Popular Price Range
Chandler Arizona and surrounding areas

Buyers Benefits:

If your budget lies in the range of $200,000 to $400,000 for a home, there’s great news for you. Real estate supply between $200,000 and $250,000 has been rising over the past several months. After dropping 15% from 2,300 homes for sale in January to 1,944 in May, it has since risen 8.1% to 2,101 homes for sale in August, placing it only 6.7% below last year’s count instead of 18% below as it was 4 months ago. Homes for sale between $250,000 and $400,000 have also risen 5.3% from 4,791 to 5,044 over the past month, placing them only .2% below last year’s count of 5,053 homes for sale. The increase in competition has resulted in a 7.3% increase in weekly seller price reductions from an average of 778 per week in June to 835 in July. 56% of sales in the Phoenix Metropolitan Area have been between $200K-$400K; so, this increase in supply should be of relief for the typical home buyer.
Chandler Arizona and surrounding areas

Sellers Benefits:

If you have a home in and around Chandler Arizona listed between $200,000 and $400,000; then, you make up 48% of everything that’s listed in the ARMLS system in the market area. Homes which are under contract in this price range have averaged 7.4% higher in volume than 2017, until now. Over the past two weeks homes for sale in Chandler Arizona that are now in escrow have dropped to 2.2% since last year. Buyer activity is expected to slow seasonally from April through the end of the year; however, open contracts have dropped 26% since 2018 April compared to a lower 20% drop in 2017; while corresponding supply has been rising. Sellers haven’t noticed this sharper decline as their average asking price per square foot has risen from 3% higher than last year in March to 7% higher in July. Average sales price per square foot was up 5.9% in July, compared to 4.6% in June; however, price is a lagging responder to shifts in supply and demand. The market will have to wait and see if buyer’s accommodate sellers’ price expectations given that they have more to choose from in the residential real estate market right now.

Jay Mecray – Ask Jay, Your Personal Real Estate Expert in Chandler Arizona

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