Gilbert Market Analysis 2015
Having an understanding of how the market is performing in Gilbert, AZ is critical to determining whether to buy or sell. Listed below is a year over year analysis of some of the happenings in the town of Gilbert. As we can see, Gilbert has had steady year over year growth, which is great news for the area.
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Number of homes sold | Average Sale Price | Average Price per sq ft | Average Size of Home | Average Days on Market |
| Jan -Nov 2014 | 4211 | $276,773 | $126 sq ft | 2201 sq ft | 69 |
| Jan-Nov 2015 | 4655 | $287,769 | $131 sq ft | 2211 sq ft | 65 |
Gilbert has seen about a 3.9% year over year growth compared to 2014, jumping from $276,773 to $287,769 The result: Gilbert remains in a steady market seeing gradual growth instead of a huge jump or decline. Gilbert and the rest of the valley for that matter, remains in a balanced market, which the area has not seen in a long time. The listed to sold ratio has also stayed in a good healthy range of about 3.5-4.5 months of inventory for most of 2015 in the valley. This means that if no homes were to be listed, it would take about 3.5-4.5 months to sell all the inventory. Anything above 6 months means there is excess inventory and can drive prices down, high supply and low demand. While anything below 2 months creates a high demand with low supply and can drive prices up in a "hot" market.
What does this mean for you? Well, for those that are looking to buy in Gilbert, it continues to be a great time to buy. With interest rates still hovering around 4.0% for a 30 yr fixed combined with a market not pricing people out of the area, buyers are reaping the benefits of a well balanced market. As for sellers, they are benefiting from the equity that is increasing on a daily basis. Sellers should remember to have a great marketing strategy to limit the days on market and take advantage of the lower average days on market.
Mark Wagner at markwagner.zionrealty@gmail.com.
Fax: 480-302-5884
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