Home values in Gilbert, Arizona November 2016 Update
Real Estate market data for Gilbert Arizona provided by John Ferrin of HomeSmart Realty
Home values in Gilbert, Arizona
Gilbert Arizona Real Estate Report Summary November 2016
In November 2016, there were 418 new listings that came on the market in Gilbert, AZ. This is down more than 12% from last month but is up more than 13% from November of last year. Of all of the homes that were on the market in Gilbert in November, 402 of them closed escrow. This is an increase of more than 44% over November of 2015.
It is important to note that the other homes that were for sale during the month didn't just shrivel up and go away. 453 of them went under contract during the month and will close in December or January.
There were 820 Active listings in Gilbert in November 2016.
The 5 year average for monthly active listings is 933 houses on the market in Gilbert.
November's Active Listings is a little lower than that. The average number of days on the market stands at 62 which is slightly less than the 5 year average for DOM, which is 64.
We are certainly seeing a bit of a slow down in Gilbert. There are several reasons for this.
Some make the argument that the slow down is because of the presidential elections. With so much uncertainty surroinding both candidates, many buyers and sellers have decided to simply wait and see what happens before making any big decisions.
While that may have played a role here, we are seeing the tide changing now that the election is over and things are starting toi stabilize.
The other explanation is that we are now into the "Holiday Season" and many buyers and sellers are taking time off and waiting for the new year to make home buying decisions.
As a seller this is good news because the buyers who are out there are SERIOUS about buying and are not just kicking tires.
The homes that sold, or closed escrow during November, spent an average of 62 days on market and closed for 97% of the original list price.
Home values in Gilbert, Arizona in November 2016 are nearly 5% higher than they were in November 2015. The average list price in November 2016 for a home for sale in Gilbert Arizona was $309,189. The average sold price for homes for sale in Gilbert Arizona was $302,728.
It is important to note, that these are averages. Your specific home in your specific neighborhood may have different results. Interested in the current value of your home? Click HERE to find out the estimated current market value of your home.
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To learn more about home values in Gilbert Arizona, or to find out what your home is worth in today's market, email me, call me, or text me at 480-458-7399
John Ferrin, Realtor
HomeSmart Elite Group
www.eastvalleyproperties.net
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