In Chandler, the median sold price for Single Family Detached real estate for November was $210,000, representing a decrease of 4.5% compared to last month and an increase of 24.3% from Nov 2011. The average days on market for units sold in November was 56 days, 39% below the 5-year November average of 92 days. There was an 8.4% month over month decrease in new contract activity with 428 new contracts; a 3.9% month over month decrease in all Pendings (new contracts + contracts carried over from October) to 754; and a 1.3% increase in supply to 622 active units.
This activity resulted in a contract ratio of 1.21 pendings per active listing, down from 1.28 in October and an increase from 0.68 in November 2011. The contract ratio is 137% higher than the 5-year November average of 0.51. A higher contract ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower contract ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the home buyer's favor.
If you have specific questions about the housing market in Chandler, AZ, one of our local Chandler Realtors would be happy to assist. Feel free to contact us for more information.