Homes in Chandler have sold faster this year than they did last year. The median days on market is lower in 2018 (Orange line) for every single month, compared with the same month in 2017 (Red line.)
Fewer days on market means the homes are selling faster. This could be because:
The homes for sale this year are inherently more desirable. This is unlikely to be the case, as there hasn’t been a sea change in the Chandler real estate landscape in the last 10 months.
There are fewer homes available for sale, so buyers move quickly when a new home hits the market. This is unlikely to be true as well, since we have seen nearby cities’ volumes either increasing or flat; I doubt Chandler’s volume has decreased against the other cities’ trends.
There are more buyers than there were last year, so they need to act quickly in order to secure a contract. Ding Ding Ding! This is our most likely answer.
Homes selling faster should also lead to lower inventory levels and higher prices (the old Supply and Demand rule from basic economics.) But this isn’t a chart about lower inventory or higher prices.
The real question is: Where are all these buyers coming from?
I don’t know that answer yet. If you do, I recommend heavy marketing in that area.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.