Chandler AZ Real Estate Update April 6 2012

chandler az home pricesWow!  The one word that describes what’s happening in the Chandler AZ real estate market.  More buyers than sellers is creating a buying frenzy and a strong seller’s market.

The 2010 Census reported Chandler AZ’s population at 236,123 which makes Chandler, AZ the 4th largest incorporated city in the State of Arizona.  Why is this important?  Well…it will give you a perspective of just how low our home for sale inventory is.

With home for sale inventory approaching record lows, we’re seeing multiple offers the day a home is listed.  Bidding wars driving sales prices up beyond market value.  Buyers who are able are once again removing the appraisal contingency which results in those buyers relying on the home appraising at value…standing out in the “cold”.  Ok, it’s Arizona…we don’t have cold, but you get my drift.

Here’s the details as I pull up the current homes for sale in Chandler AZ from our local MLS on April 6, 2012.

SINGLE FAMILY HOMES CURRENTLY FOR SALE

368 homes for sale…down from 459 last month.

But let’s break that down just a bit more.  Most people are shopping for homes that are NOT in active adult communities.  What happens when we remove the active adult community listings?  That brings the total down to 319 homes for sale.

How about those 319 by price range?

10 homes priced under $100,000
70 homes priced $100,000 – $199,999
81 homes priced $200,000 – $299,999
61 homes priced $300,000 – $399,999
32 homes priced $400,000 – $499,999
114 homes priced $500,000+

Of the 319 homes that are for sale~

57 are Short Sales
42 are Bank Owned
Leaving 219 total “traditional” homes for sale. 

Of those 219 Traditional homes for sale (no waiting for a bank decision)
0 homes priced under $100,000
30 homes priced $100,000 – $199,999
51 homes priced $200,000 – $299,999
49 homes priced $300,000 – $399,999
29 homes priced $400,000 – $499,999
60 homes priced $500,000+

Here’s the stats for all single family homes for sale in Chandler, AZ

Lowest Price: $20,000
Highest Price: $7,200,000

Median list price: $279,050 up from $254,900 last month

So how does this equate with the extremes the Chandler Real Estate market has seen over the last 7 years?

Our Record high of number of homes for sale in the MLS was in September 2007 at 2,499 active listings

Our record low? 235 in March 2005. 

We are currently only 133 homes away from matching the historic inventory low.  The difference between the market in 2005 and our market today in 2012?  PRICES!  While we are seeing our prices finally moving in the upward direction, they are still significantly lower today than they were in 2005.

Highest Median Sales Price in Chandler, AZ were recorded in 2007 at $315,000.

Today the Median Sales Price in Chandler, AZ is recorded at $167,400.

It’s still a great time to be a buyer in Chandler, AZ.  However, buyers must be aggressive in order to win the bid on the home of their dreams.

About Amy Jones Group

Amy Jones is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.