Chandler and Gilbert Data Show Price Stability in 2009
Chandler Homes Sales Price/Square Foot
Looking back at 2009, it has been an eventful year. Phoenix residential real estate trends have been widely discussed, publicized, and debated. Now that 2009 is almost over, it deserved a look in the rear view mirror to see what exactly happened. With the help of the Cromford Reports we can get an idea through the data that shows the average price/square foot for homes sold in Gilbert and Chandler, two popular communities in the east valley. The greenish-olive color line to the right represents the 2008 price per square foot for homes sold in Chandler. A pronounced decline throughout 2008. The lower light brown line shows the trend for 2009 and much more encouraging. April 2009 appears to be the low point with a gradual upward slope for homes sold in Chandler.
A Look At Gilbert Home Sales in 2008 & 2009
Similar to the graph for Chandler, Gilbert data to the left demonstrates a similar trend that house prices have stabilized after a steep decline during 2008. Active listings of Gilbert homes for sale have decreased 14% from the first of 2009 with the current Gilbert home selling for an average of $214,000. The breakdown of sales by type shows bank owned home sales represent 28%, short sales 26%, and normal sales at 46% of the Gilbert homes sales.
Bank owned foreclosures are on the decline for the phoenix metropolitain area while short sale have increased since the first part of the year.
These are averages for Gilbert and Chandler and cannot be generally applied to all transactions. They are averages so questions about specific neighborhoods or types of homes require a more detailed analysis. For questions about other cities in the Phoenix area, or a more in-depth look at specific areas within these two cities, e-mail me at GordonBaker@remax.net or call me.
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