Buyers have ruled the roost for the last few years in real estate! It's no secret that real estate has most definitely been considered a Buyer's Market lately! But, after reviewing the inventory available in Gilbert this month, the tides may be changing!
For those of you not familiar with how buyer and seller markets are determined, a market is considered balanced between buyers and sellers when six months of inventory is available. More than six months of inventory is considered a buyer's market. Less than six months of inventory is said to be a seller's market. The level of inventory available is calculated by taking the number of active listings from the previous month and dividing it by the number of sold listings from the previous month.
Gilbert's level of inventory looks approximately like this:
85234 - 3.1 months
85296 - 3.7 months
85233 - 3.6 months
85295 - 3.8 months
85297 - 4.0 months
85298 - 4.1 months
These levels are making the market favorable for sellers in Gilbert! A great example is this: a home that was listed in February was competing against approximately nine months of inventory. Depending on the zip code, this home would now only compete against 3-4 months of inventory. Big difference!
There are other factors to include when making a determination about your market. The price range that your home falls in, the neighborhood that you live in, and the number of short sales and foreclosures in your neighborhood also determine what type of market your area is in .
Upcoming short sales and foreclosures can change the make-up of a neighborhood fairly quickly, so if you are looking to sell, talk to a Realtor now and find out what parameters your home falls under.
So, am I ready to call Gilbert a seller's market? Not yet. But, I do believe it is a better balanced market, and if the shoe fits...
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