The 1st Quarter’s Median Sales Price in Chandler was $321,450, which was far below what the trend would have had us predict. I see two different distinct trends which were broken this quarter:
Q1 Year over Year (Orange arrows): Q1 has been consistently higher YoY when compared with the prior year’s Q1 over the last several years. This year, however, the change was a meager 1% increase - almost flat when compared with Q1 2018.
Q1 vs prior Q4 (Yellow arrows): Q1 has risen sharply compared with the Q4 immediately preceding it, in each of the last several years. This year, however, Q1 2019 was almost 4% lower than Q4 2018.
We have seen a few charts this month pointing towards some price stagnation in Q1. What we don’t know yet is whether Q1 was a statistical blip in an otherwise upward trend, or if prices have reached a point where incomes can no longer keep up with the rising mortgage payments, and buyers aren’t able (or willing) to pay the higher prices. (ie: is the market slowing down?)
Only time will tell, but you can bet I’ll be watching closely…
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.