Traditional Gilbert Az Listings - Less to choose from than a year ago
The real estate slogan over the last year could easily be "if you think you have things figured out, just wait a couple of months". I have written previous blogs about the breakdown of Gilbert sales by type but I thought it might be beneficial to look at the active and available Gilbert inventory from which buyers can choose. The chart to the right shows normal or traditional listings for the town of Gilbert for the last year broken down by week. Last year at this time, a Gilbert buyer had approximately 900 listings from which to choose. A year later the number is around 650, a 28% drop. A well priced normal/traditional listing is a sought after property. A typical response time around 24 hours, seller disclosures, and an inspection period with the opportunity to request repairs.
Gilbert Short Sales and Bank Owned Properties
The chart on the left shows the remaining types of active listings in Gilbert. While increasing as of late, bank owned or REO properties in Gilbert are less than a year ago. The lighter blue segment are short sales or pre-foreclosure listings that have expanded significantly. Those with an AWC status in darker blue, are typically short sale listings under contract and also remain a large part of the active listing inventory of unsold homes. Comparing the green traditional/normal active listings to the remaining sales, distressed active listings in Gilbert are the majority of homes for sale. For this reason, it is imperative that both sellers and buyers understand the nuances associated with each type of transaction, especially short sales.
Many thanks to the Cromford Report for the excellent data showing the trends in the Phoenix area real estate market!
About the Author...
This article was provided by Gordon Baker, GRI, CDPE. E-mail: GordonBaker@remax.net, Cell Phone: 480-326-8571. For additional buyer information, visit MyHomeinAZ.com. For homeowners that have a financial hardship and need information regarding short sales, visit Gilbert Foreclosure Alternatives.
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