Chandler, AZ

The market in Chandler, AZ (85248) is currently Cooling, characterized by moderating price trends and a notable level of price reductions, despite some firming in the pending ratio.

The median listing price in 85248 stands at $518,000, reflecting a modest Month-over-Month increase of 0.6% but a Year-over-Year decline of 5.8%. Active listings have decreased by 13.3% Year-over-Year to 229, while new listings also show a Year-over-Year decline of 5.6% at 68. Median days on market remain stable at 66, a 0.8% Year-over-Year increase. A significant 29.9% of listings have experienced a price reduction, up 1.3% Year-over-Year, indicating a shift in pricing dynamics. The pending ratio is 0.42, a substantial Year-over-Year increase of 13.5%.

The increasing pending ratio of 0.42, up 13.5% Year-over-Year, suggests some re-engagement in transactions. However, the 29.9% share of price-reduced listings indicates that sellers are exercising price discipline to meet market conditions. The decline in active listings Year-over-Year points to some inventory pressure, but the pace of transactions is moderate given the median days on market at 66. This environment requires careful pricing strategies from sellers and offers opportunity for buyers to negotiate.

The average listing price of $659,391 significantly exceeds the median listing price of $518,000, indicating a segment of higher-priced properties influencing the overall market. The median price per square foot is $283, a Year-over-Year decrease of 2.0%, suggesting a softening even at the entry-level of the luxury segment within the ZIP code.