REAL ESTATE
THE CHANDLER ARIZONAN | WWW.CHANDLERNEWS.COM | MAY 15, 2022
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From Uptown to Downtown, we cover Chandler like the sun
Chandler home prices rose 51% in two years BY PAUL MARYNIAK Arizonan Executive Editor
T
he average sale price of a singlefamily house in Chandler has increased 51% in two years and while home prices likely will continue to rise, mortgage rates and an apparent cooling in demand may spell trouble ahead for sellers, a leading Valley housing analyst said last week. Chandler was not alone in seeing such a staggering increase in average sale prices among 17 Valley cities that the Cromford Report routinely monitors: 12 of the 17 cities saw the average sale price jump by at least 60% between the 17th week of 2020 and the 17th week of 2022. The average sale price of a Chandler home rose from $518,720 to $633,076 in that time, it said. Valley-wide, the Cromford Report reported that over the past six weeks, “active listing counts are rising very strongly” – up more than 32% in a month – and called it “one of the most dramatic shifts in direction we have ever seen.” “If this trend continues for several months the market dynamics will change significantly,” it said. Cromford Report also called out me-
This home on West Beechcraft Place on the Chandler Airport property recently sold for $3.5 million. The 4,513-square-foot, single-story home, built in 2020 has three bedrooms and 4 ½ baths, an airplane hangar, batting cage and basketball court. (Special to the Arizonan) to attract tenants. Over the last few weeks, the Cromford Report has been identifying data that prompted it to state on April 22: “Almost
At the moment the number of homes for sale “ remains very far below normal, but we have seen before how it can increase sharply if more sellers emerge just as demand is declining.
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dia reports of a continuing surge in rent, saying the most recent data from the Phoenix metro housing market shows rents are starting to fall slightly, available rental units are increasing and nervous landlords are starting to offer deals
everybody is saying rents are going up. Not in Phoenix, they’re not. With rents going down and mortgage rates and home purchase prices going up, the argument for buying over renting is starting to look significantly weaker.”
It’s more than just inventory of singlefamily homes, townhouses and apartments that is prompting that statement. The Cromford Report noted that inventory of for-sale homes also is rising while the number of closings is trending downward. “April is supposed to be one of the best months for the market, but new contract signings are significantly lower than last year. This means active listings are staying active longer and inventory is starting to build in most (but not all) segments,” it stated. “At the moment the number of homes for sale remains very far below normal, but we have seen before how it can increase sharply if more sellers emerge just as demand is declining.” Stating that the sellers market is slow-
ly deteriorating in 17 major Valley municipalities, the Cromford Report said that between mid-March and mid-April, Cromford Report noted, “We have seen a 34% increase in the number of new rental listings added to ARMLS (Arizona Regional Multiple Listing Service) compared with the same four weeks in 2021. It added there has also been a 20% increase in the number of rental homes available in Phoenix on the Progress Residential web site over the past four weeks. And on May 1, it reported, “Supply has been arriving in greater quantities over the past few weeks, This applies to both rental and for-sale listings. The most dramatic rises are in rentals. There were 2,550 new rental listings
see RENT page 28
