Gilbert Arizona Real Estate Market Report December 2017
Are you looking for detailed information surrounding the current health of the Gilbert Arizona Real Estate Market? Here are all of the latest market statistics for December 2017 in Gilbert! The total number of new listings in December 2017 was 266 which was down 36.5% from November which is to be expected during the holidays. The number of new contracts was down 27.3% to 335 and the number of closed sales was 415 which was up 5.9% from November. The median sold price for a home in Gilbert was $299,900 which was up 5.2% from the previous year, while the average sold price for a home in Gilbert was $322,772. The average days on market was up slightly to 60 days and the average sold price to original listing price (OLP) ratio was 97.4%, meaning most sellers are getting very close to asking price on the sale of their homes in Gilbert.
I find the financing statistics to be very enlightening also, because out of all the closed sales for December, we can get a better idea of what type of buyers are purchasing homes in the Gilbert real estate market. There were a total of 51 buyers who paid all cash, 45 FHA buyers, and 35 VA buyers, but an overwhelming majority of buyers in Gilbert, 283 for December 2017, used conventional financing to purchase their homes.
If you are thinking about buying or selling a home in Gilbert or the surrounding East Valley cities, then it will also be important to have an understanding of the current inventory levels. The absorption rate, also known as “months supply of inventory,” for Gilbert is very low right now at just 1.52! Now is a great time to list your home for sale with the limited inventory available, so if you are thinking about selling, please don’t hesitate to reach out for a FREE market analysis!
Absorption Rates Defined:
1 – 4: If the absorption rate or “months supply of inventory,” falls within the range between 1 and 4, then we consider that a “seller’s market” which means there are fewer homes on the market for sale and therefore less competition for sales in the neighborhood. In a “seller’s market” a homeowner may decide to price their home more aggressively at the top of market value based on the limited supply of homes available.
4 – 7: An absorption rate anywhere in the range of 4 to 7 indicates a more balanced market where neither buyers nor sellers have the upperhand. Homes that are priced well and show well will still sell relatively quickly in an overall balanced market.
7+ : An absorption rate higher than 7 indicates that there are more than 7 months worth of inventory of homes for sale in that area which will signal a “buyer’s market,” which is great if you are a home buyer, but not so great if you are a seller.
As an experienced, local Realtor serving the areas of Gilbert, Chandler, Mesa, Queen Creek and the surrounding communities in the East Valley, I would be honored to assist you on your real estate journey. From start to finish, I will be there to support you, answer your questions and calm your nerves when needed. Buying and selling a home does not have to be stressful, so be sure you choose a professional who has your best interests at heart! Read what a few of my past clients have to say about working with me: REVIEWS
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