The pace of home sales in Gilbert, Arizona, and Higley Groves where I live seems to have slowed down a bit in July. This is the normal summer trend as July is almost always slower than the previous few months. Having grown up in Arizona I think this is due to the 4th of July holiday and the fact that half the population seems to go on vacation in July before school starts. I will break down the MLS activity between Higley Groves and Higley Groves West. Aren't familiar with Higley Groves? Check out this Higly Groves neighborhood tour video.
As of today, there are 4 Higley Groves homes for sale with an average list price per square foot of $120.19, which is definitely on the high side which explains why these homes are still available. The average days on market for these homes is 28 days. There are 8 homes under contract with an average list price per square foot of $95.35, and the average days on the market for these 8 homes is just 17 days. 20 homes have closed in the last 6 months in MLS with an average price per square foot of $95.35. Again, you can see that the average list price per square foot of $120.19 is pretty high so these homes will have to be spectacular to fetch those prices. With just 4 homes available to purchase compared to 8 homes under contract and 20 closed in the last 6 months, supply remains very tight so homes will continue to sell quickly as long as they are priced reasonably.
On the west side of Higley Rd there are 3 Higley Groves West homes for sale with an average list price per square foot of $122.19, which is a little high but more in line with historical sales. Just 1 home is currently under contract with a list price per square foot of $119.14. 7 homes have closed in MLS in the last 6 months with an average price per square foot of $111.78. With 3 homes available to purchse compared to 1 home under contract and 7 homes closed in the last 6 months, supply and demand look more in balance in Higley Groves West. These homes are larger and priced higher than Higley Groves, and these higher price ranges move slower than the $250,000 and under range that Higley Groves is in right now.
If you're thinking about a short sale you may want to do it ASAP so that it completes before the end of 2012 as there's currently a huge financial incentive to do so. The mortgage debt relief act is set to expire. If you're a buyer, check out this video on how to buy a short sale in Arizona and get a great deal.
Please contact me with any questions about Higley Groves homes for sale. My cell number is (480)694-1285 or you can find me at my website HigleyGrovesGilbertAZ.com