Chandler Real Estate – Potentially Shoring Up

ere’s a quick hit on stats for Chandler real estate in respect to buyer activity in the market.

20.4% of the properties currently for sale in the Chandler real estate market are currently under contract, a 4 point increase since November 15!

Though Chandler’s overall results aren’t as dramatic as that seen in Queen Creek, Maricopa, and Gilbert, the results suggest a shoring up of the real estate and housing market in Chandler in preparation for more solid results.

Compare with a similar November 15th post:

Chandler absorption of properties (percentage under contract) is 20.4% vs. 16.2% in November. Put another way, for every 10 homes on the market, there are now 2.0 buyers vs 1.6 buyers just a few months ago.

Available Chandler Homes

Chandler homes inventory is somewhat steady with a slight decline. The curve shows some stabilization of inventory since August. In the next 1-3 months, we should hope to see additional erosion of available homes inventory but not too much.

Chandler Homes Under Contract for Sale

The number of homes currently under contract shows overall improvement from 2008 at this point in the year. As well, the inventory has broken through 2007 levels and likely will overtake 2006 levels before beginning to taper off consistent with normal trends. This is a very positive sign and suggests that we may be moving closer to a point at which buyers begin to shift from a ‘Im concerned the market may go down further’ stance to one of more ‘I am not worried any longer about the market and want to buy’ stance. In the coming 1-3 months, we should be hopeful for continued improvement in the percentage of homes under contract to 23-25% from the current 20%.

Chandler Home Sales

Sales activity for the start of the year does not show any impressive activity and basically follows 2008 trends. However, given the Pending home sales curve above, we should expect to see this activity take up and begin to show more solid improvement over last year’s results.

Chandler Real Estate Outlook

Overall, Chandler’s activity levels are clearly an improvement but also don’t show the sharper curves that we might see from some of the outerlying Valley areas. This should be somewhat expected as Chandler has been relatively lower in foreclosure activity than these other parts. However, the activity does represent a more solid and sustained improvement. In addition, it is unlikely that auctions have influenced Chandler homes’ performance here given the auctions generally have few Chandler properties in their dockets.

To sum it up, Chandler real estate appears to be shoring up and laying a more solid foundation for further improvement in buyer activity, greater sales, and lower inventory. Time will tell further here.

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