In October of 2011, I wrote a blog about the ranking of the cities in the Metro Phoenix area based on their price per sqft and the percentage of change from the previous year’s amounts…. The column on the right is the last rankings I pulled just a couple of days ago.
Using Chandler as an example- it’s ranking #10 in the valley today with an average price of $138.75. That’s an increase of 3.8% on average from 2015, when the average for the city was $133.63. Compare that to 2011/2010’s numbers and I think anyone would be convinced that the worse is way behind us…. In 2011, Chandler ranked #13 at a mere $93.51 a sqft which was DOWN from 2010 by 9.3% when Chandler had been $103.09 a sqft.
Truth be told, April of 2011 was our true bottom of the financial crisis- at least here locally…. It’s great to see that in the last 5+ years, our local Chandler market has rebounded by 32%, so while last year we saw an increase of 3.8%, the average in the last 5 years has been closer to 6% appreciation a year. Those folks that bought in 2011 and still own today should be quite happy with themselves as they’ve done really well on their investments!
When we think back to a year ago, the market was tepid and not showing any of the positive signs that suddenly appeared in early February 2015. If you look at the daily market snapshot today you can see that almost all of the indicators are substantially more positive than they were a year ago, including:
- days of inventory down 20%
- annual sales rate up 10%
- days on market (sales) down 10%
- days on market (actives) down 7%
- listing success rate up 6%
- contract ratio up 29%
So we enter 2016 in much better shape than we entered 2015 (per the Cromford Report)
I personally feel a great momentum in our marketplace and expect 2016 to be a bustling year with lots of real estate changing hands… Don’t live in Chandler? How’d your city you live in rank? If you need help deciding whether now is a good time to jump into or out of this market, please feel free to contact our office for a no obligation consultation- 480-243-4242 as we are happy to help you with your real estate needs!