March Residential Highlights

March came in like a Lion! Amazing what a month has done in our Real Estate Market.  Closed sales saw huge 41% increase over February (181 v. 255).  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 368 homes currently under contract. New listings are continuing to decrease, a very good sign that we are finally selling off the excess inventory. Chandler has a little over 2,300 active listings, down from a high of 2,700 in October 2007.  At the current rate of sales, Chandler has gone from a 13 month supply of inventory last month to an only 9 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!

*Information obtained from ARMLS. Information deemed reliable but not verified.