If you are considering a move to the Gilbert area then you need to know some things about the housing market. If you are living in Gilbert and looking to upgrade your home or just find another one then you may have questions also. There are many things to consider about the real estate market that you are looking in. To help you out, we want to explain some little known facts about the housing market in Gilbert.
When we mention “median home prices” most people think about the average prices that are on the market currently. There is no doubt that this is an important statistic to look at. But, another important statistic to consider is the median price that homes have actually sold for.
You might be surprised at how different these two numbers can be. This is where we find our first little known fact about the housing market in Gilbert, Arizona. For this area, there is quite a spread between these two numbers. The median asking price is $336,555. But, the median sales price is $264,335. This is important to know if you are looking for a home here. While the asking price might be high, there is probably room to negotiate.
Number of Years Inventory on the Market
This is a number that tells about how motivated buyers might be. Real estate agents aren’t always forthcoming with this statistic. Yes, if you ask them directly then they won’t lie. Okay, at least the reputable one won’t.
But, the number of homes that are currently on the market divided by the number of homes that sell in a year will tell you how many years of inventory are currently available. If there are enough homes on the market to cover several years of sales then sellers are likely motivated. This is exactly what you find in Gilbert. This area averages approximately 1,700 real estate sales per year. However, there are currently 1,526 homes for sale. So, there is almost a full year’s worth of inventory available. This means that you are likely to find some deals from motivated sellers.
Home Values are Going Up
This may not seem like a little known fact. But, when you consider that many people are still under the impression that the housing market is in decline, then you see why it made our list. Gilbert is one area that not only is rebounding from the recent downturn but is doing it in a big way. 5 years ago, the average sales price was $180,000. Over the last year, the average sales price was $259,995 (Nearby Chandler homes for sale are also seeing big increases, too).
Gilbert is a great community that offers many things for potential residents. Unless you are familiar with looking for real estate trends then there are many things that you might not be aware of. But, these little known facts such as the wide spread between the average asking price and average sales price and the fact that home values are going up consistently the you quickly see that this is an up and coming area for real estate investment.
This post has been featured on the AZEF Real Estate Group blog.