Gilbert AZ Real Estate Market Update

Here's an update on the Real Estate market in Gilbert AZ.

Our inventory is now down to 1993 active listings (down from 2500+ in November of 2007). Prices overall seem to be stabilizing around $260K - $275K.

My opinion,- It's been tough maintaining objectivity with all the panic going on out there, but the numbers don't lie. In January of this year we were at the absolute worst real estate market with 19.84 months of inventory!!! We are now at 8.9 months of inventory. (this is for the maricopa county area) 

Q: Why would anyone want to buy in this market?

A: I have no idea, but the world is not coming to an end. People are relocating, getting married and want to start a family, some are finding success in their business and buying. There is no generalization for why people are buying, everyone has their own reason. If there is a generalization it would be that prices are back to normal. That's not saying that our economy is getting better or worse or predicting that home prices are going to start going up nor that they will continue to fall. I don't know, period. But here's what I do know:

In Gilbert AZ, there were 351 homes sold which is 79% more than we did last year this month (September). Home sellers got 98% of asking price compared to 96% last year this month.
In Queen Creek AZ, there were 382 homes sold which is 183% more than we did last year this month. Home sellers got 103% of asking price compared to 96% last year this month.

Our biggest problem is not liquidity but rather the tightening lending guidelines that are keeping people from buying real estate while it's on sale. Most programs are now requiring 25% down to avoid Private Mortgage Insurance which can be the difference between affording to buy a house or not.

It has been quite an interesting  year with all the bank failures, and the elections coming up. I think that with the right candidate we'll have 2009 be the consolidation year leading us into one of the greatest economic booms in the history of the US. Either way, recession or not I'll prepare myself to survive. After all, do we have any other choices?

Below is our featured listing for the Luxury real estate in Gilbert.

This 4,597 Sq Ft Semi-Custom Home is Listed at $690,000. It features a Resort Style Backyard with it's heated diving pool and spa. This has been one of our favorite listings. You can view more about this listing HERE

 ©2008 New Generation Real Estate Team Re/Max Elite