I have been keeping the statistics for Gilbert throughout 2006. In August 2006 we had about 7 1/4 months worth of inventory (# homes on the market and how many months it would take to sell them all at the current pace), February 1st 2007 we have about 6.25 months of inventory on the books. So it is looking a little better than it did this summer.
Historically, there is always a jump in new listings in January. People tend to put their homes on the market after the holidays. In area 506 (an area of Gilbert) the new listings were about 15% less in January 2007 than they were in January 2006. Both of those statistics are good news for the Gilbert area.
There are still a lot of homes selling each month. Right now there are 2146 Active Residential listings in Gilbert and there are 341 homes showing currently under contract but not yet closed. These are better statistics than we have seen in several months. The homes that are selling are those that are in better condition with more upgrades than most and also those that are a real value. Overpriced homes are just going to sit on the market until the sellers lower the pricing or the market makes significant improvements. That is not going to happen overnight.
Keep watching for more statistics on Gilbert AZ Real Estate.
Kim Ottina, Century21 Arizona Foothills 480-518-0393 Kim@C21AZ.com or www.C21AZ.com
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