Our Real Estate Market has sure seen its fair share of changes daily in the past 8 weeks of the Stay at Home order due to the Coronavirus but I wanted to give you detailed numbers to show you where we were before the “quarantine” during the main part of it and now as we begin to open Arizona businesses back up. Numbers don’t lie, and these graphs are awesome. I am comparing Chandler and Gilbert from the dates of March 27-May 8, 2020.
1st Graph -Chandler’s Average Median List price on March 27th was $436,000. It dipped down to $425,000 on April 10th (in the heart of the Stay at Home Order) and as you can see has started rebounding and curving upward. As of May 8, 2020 the Median List Price in Chandler is $434,250. Inventory is still low and buyers are still buying. Statisticians are predicting a big summer buying season as the stay at home order is loosened.
2nd Graph-Gilbert’s Average Median List price on March 27th was $459,500. It dipped to its lowest point a little later than Chandler on April 17th where it was $424,900 (almost identical to Chandler’s) and has slowly started inching its way up but not as quickly as Chandler. On May 8, 2020 Gilbert’s Average Median List price was $429,000.
Both of these daily graphs show positive signs that the market is still strong and holding steady if not actually increasing.
These Market Profiles of both Chandler and Gilbert give you a market snapshot. Both are indicating a strong seller’s market. Days on market and inventory are showing that buyers will have to compete still so the best way to win the bidding war is to have a strong pre-qualification, down payment, not asking for closing cost assistance and don’t have another house to sell.
For More Information on the market or to schedule a time to see homes, please contact Betsie Melter Realty ONE Group at 480.734.3644.