Chandler, Arizona’s real estate market is experiencing substantial improvement in residential activity with lower available home inventory and higher home sales.
This improvement is primarily due to increased buyer demand for homes as a result of lower home prices, low interest rates, and the $8,000 first-time homebuyer tax credit, all of which are spurring interest by buyers to purchase homes.
To understand the changes currently taking place in the Chandler housing market, there are three areas that require review—the number of available Chandler homes for sale, the number of Chandler homes under contract for purchase, and the number of sold Chandler homes.
Available Inventory of Chandler Homes Showing Modest Decline
Available Chandler home inventory has been experiencing a modest decline and is now at a three year low. The rate of decline is lower when compared to other real estate markets of the Phoenix Metropolitan area where buyer demand is more robust, but Chandler has generally been less impacted by the market downturn than those same communities.
The decline in inventory is largely due to the overall improvement in buyer demand rather than cancellations and expirations of property listings.
Buyer Demand for Chandler Real Estate is Strengthening Rapidly
Buyer demand, as measured by the number of actively marketed Chandler homes currently under contract for purchase in Chandler, is showing impressive improvement.
25.6% of the properties currently for sale in the Chandler real estate market are under contract, a 9% point increase since November 2008. More striking is that 5 points of that improvement has taken place within the last 30 days.
Put another way, for every 10 homes on the market, there are now 2
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