Market Analysis for Chandler, AZ - June 2008

Chandler has continued to see a downward trend in home prices since the latter half of 2006. 2007 finished the year off with a depreciation rate of about 12% and the first decline in homes in over 15 years.

June Residential Highlights
Closed sales are continuing to increase and June saw 358 homes sold vs. 340 in May, a 5% increase. It appears that we have possibly hit bottom as closed sales have continued to creep up and have increased every month since Sept. 2007 with the exception of January. Pending sales also showed a jump and are on track to continue to improve with approximately 399 homes currently pending and another 100 homes under contract.

New listings are continuing to decrease, a very good sign that we are finally selling off the excess inventory. An interest side note is that Expired and Cancelled listings has also declined. Chandler has a little over 2,100 active listings, down from a high of 2,700 in October 2007. At the current rate of sales, Chandler's supply is nearing a more normal inventory level with a 7 month supply currently. A normal market is considered a six month supply. Now is the time to take advantage of the great buyer opportunities while they are still there! The inventory is great, prices are amazing, and many sellers, including banks, are willing to provide down payment and/or closing assistance, as well make repairs.