Chandler Condos

An In-Depth Look at the Chandler Condos Market

The Chandler condo market is currently experiencing noticeable adjustments across several metrics.

• The total number of active listings has risen significantly, climbing from 121 three months ago to 182 over the past month, revealing an influx of new properties onto the market. This increase in inventory might cater to the rising demand, as more buyers are entering the market.
• However, sold prices have dropped to an average of $373,718 compared to $398,935 just three months ago. This decline may suggest that buyers are negotiating prices downwards, potentially indicating that properties are listed higher than what the market is currently experiencing.
• The average price per square foot for sold units reflects similar pricing pressures, at $287, further underscoring the softening of prices.
• On a more positive note, the average Days on Market (DOM) has recently decreased to 43 days, speeding up transaction times in the area, compared to 51 days three months ago. This quicker turnover indicates that sellers are more likely to secure offers promptly when pricing aligns with current buyer expectations.
• As for Months of Inventory, which currently stands at 5.8 months, it reflects a moderately balanced market. Historically, Chandler's inventory has hovered around 4.4 months three months ago, showcasing a slight shift towards a seller's market, given that inventory levels above six months generally favor buyers. This suggests that while there is some upward pressure on inventory, transactions are still occurring relatively efficiently.

In conclusion, the Chandler condo market is at a pivotal moment, characterized by increasing inventory, softer pricing, and faster sales, which presents both challenges and opportunities for buyers and sellers alike. For sellers, adjusting expectations based on current market conditions may lead to quicker sales. Conversely, buyers may find opportunities to negotiate better prices amidst the rising inventory.