The numbers are out, and the Phoenix Metro real estate market is going strong! Sales are up 13.8% over last month and are 5.6% higher than last year’s sales. Housing inventory numbers for new and total inventory were up, but inventory remains low with only a 2.43 month supply of homes. Home prices have also increased in the past year, with the average sales price up 5.6% and the median sales price up 6.3%. Days on market have continued to be consistent for the last quarter and is currently at 69 days on market.
For the first time in 2019, we saw a year-over-year gain in
sales volume, the second highest sales volume on record. Lower interest rates and higher loan limits
are helping the market lift. Based on the current activity, we also expect
strong sales numbers for May.
Another factor for a strong real estate market is that Phoenix was named as the top destination in the country according to a recently published Redfin Migration Report. More than a third of people searching for homes last quarter were from out of town. Many are coming from California and expensive cities from other states, for our low cost of living and great weather. This trend has been increasing thanks to strong job growth and major companies like Allstate, Intel, Boeing, Microsoft, & Facebook moving or expanding operations in the Phoenix Metro.
If you’re considering moving up or down, now is an opportune
time to make that move. Let us show you how much more our 20+ years of
experience will put in your pocket! Call us at 480-355-8645 or email Info@LocateArizonaHomes.com
The Chandler City Council unanimously approved a development on one of the last vacant city-owned properties last week. The development, to be completed by LGE Design Build, will be a 37,500-square-foot mixed-use entertainment destination. LGE is also the developer behind Overstreet Chandler across the street, now occupied by Flix Brewhouse.
The lot, known as Site 7, is a two-acre parcel that used to be a gas station and tire shop. More recently, it’s been used for parking. LGE also has the option to negotiate with the owner of the Jack in the Box restaurant to the north, to possibly relocate the restaurant and purchase the land for a larger project.
The project is set to be completed by 2024. LGE must break
ground within three years of the development agreement being signed, and
complete construction no more than two years after breaking ground. LGE will
rent the land from the city for five years (about how long the project will
take to be completed) although they also have the option to purchase the land
outright during any point of the lease agreement. If they are unable to
negotiate terms to relocate the Jack in the Box, the project timeline will be
This is exciting news for Chandler as downtown continues to
expand! The development will be a welcome addition to the vibrant community. If
you’re thinking about making Chandler your home, please give The Gina McKinley
Group a call at 480-355-8645 or email Info@LocateArizonaHomes.com
today! We’d love to share more things about what makes the city we live, work,
and play in so great.
Summit Point Park, a quaint .29 acre park in Chandler is
getting a makeover starting this month.
For those who aren’t familiar, Summit Point Park is in the heart of the
neighborhood in the northeast corner of Elliot & Alma School Roads. The hope
is to inspire residents, both young and old, to get outdoors and play.
Though small, the corner park has had a substantially
positive impact on the community since its construction more than three decades
ago. In order to make sure the park renovation
will be well received, Chandler has developed a conceptual plan for the park
that includes additions requested by the community itself. The most popular request? Outdoor fitness
In addition to the fitness stations, the park will also
expand into a vacant alley behind to add space for cornhole games and a rubber-surfaced
space for other sidewalk style games. Other improvements include a new water
fountain, additional shade canopy, new lighting fixtures, benches, and picnic
“Parks play an important role in the quality of life in
Chandler. Investing in parks such as Summit Point Park ensures that Chandler’s
parks are kept up to date and the recreational needs of the community are being
met,” the Community Services Planning Manager for Chandler, Mickey Ohland, said
in a statement.
For more information on what makes Chandler such a great
place to live, give us a call at 480-355-8645 or email us at Info@LocateArizonaHomes.com
today! We’d love to share what makes the city we live, work, and play in so great.