Gilbert Market Trends - March 2012
All real estate markets are local. Local meaning specific neighborhoods, subdivisions or zip codes. As a Realtor living and working in the Phoenix Metro Area I am often asked what parts of the Valley are selling well? What areas are seeing price increases or decreases and where will buyers get the best deal: Lender Owned (REO), Short Sales (SS) or Traditional (Norm)?
In this post we'll look at the current numbers for Gilbert, AZ and compare those with previous months to better understand how the Gilbert market is trending.
Total Actives for Gilbert are down by 32% from October of 2011 this is consistent with many parts of the Phoenix Metro Area.
Price Per Square Foot Numbers are up. Normal (Traditional Sales) PPSF Listed/Closed in October 2011 were $96/94 in March 2012 PPSF Listed/Closed rose to $102/100.
During the same time period REO active listing have fallen by more than 50% with Active Short Sales falling by an almost identical percentage.
While Short Sales and REO (Foreclosures) are becoming a smaller and smaller part of the inventory Short Sales have become the largest percentage of Pending Sales, partly because Normal actives while up slightly month over month are drastically down over the past 5 months.
The inventory for the entire east valley sits at 2.4 months as of today.
What does this mean to Buyers and Sellers in the Gilbert area?
I'm going to sound like a broken record but the numbers don't lie. Prices are rising, REO and Short Sales are being absorbed faster than predicted a year ago and the demand for homes is steady if not increasing. Home builders in some parts of the Gilbert area have had more than one price increase in the last 5 months.
If you're going to buy a home in the Gilbert area in 2012 buy it now. Prices will continue to rise and while there is a smaller inventory there are still great homes out there for sale.
If you are going to sell your home in 2012 list it now. Fewer competitors means a better chance of getting fair market value for your home.
If you need to sell your home and move into a larger home this is the time to do so. I believe 2012 is going to be a year we talk about in the future as a year of great opportunity. Consult with your Realtor, they're there to help you. If you don't already have a Realtor give me a call, the consultation is free and there is no obligation.
Click on the Poster below to see the 2012 PREDICTIONS BY THE PROS!
Whether you're buying or selling a home I offer a free, no obligation, consultation. As an informed buyer or seller you'll make better decisions. E-mail Nancy@NancyLaswick.com or call me today at (602) 793-1627.
All content contained in this posting is protected by copyright. © Nancy Laswick 2012. All Rights Reserved.
Please Note:All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.