Below you will find the statistical breakdown and more for the Gilbert area Real Estate Market for March 2018.
Snapshot of Gilbert’s Real Estate Market Statistics for March 2018.
The number of new listings in Phoenix for March was 577 up 19.2% from February. In addition, new contracts also increased by 13.2% to 600. We saw 510 home sales completed in March up 39.7% from February. Median sales price was $311,000 down 1.3% from February. There were 511 active listing in Gilbert with the average days on market of 52. The average sold price to list price was 98.3% up by .7% from prior month.
Gilbert Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, understand that inventory levels went up slightly while sales volume increased by 39.7% from the prior month. For March, we had an average number of days on market of 52, down 5 days from the prior month. We currently have 1.00 months of inventory available for Sale which is an decrease of 27% from February. This shows a extremely strong seller’s market as compared to last month’s 1.37 months of inventory. If priced correctly, sellers can expect to sell in less than the average 52 days on market we saw in February. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For March, we saw the list to contract price of 98.3% up by .7% from February. We also saw the median price drop to $311,000 a 1.3% decrease from February. Since this is an extremely strong seller’s market, you are in a great negotiation position.
What does this mean if you are a buyer?
For buyers, a inventory of 1.00 months (compared to 1.37 months in February) is not welcome news since this indicates we have moved to a extremely strong seller’s market. Sellers continue to have a great advantage since there are less homes available. Anything under 3 months of inventory is considered a seller’s market. So those homes that are priced right may get multiple offers. The buyer has to remain diligent about their offers. If you are serious about an offer, have your agent provide you comparable properties to determine the best price for the house. Asking for seller concessions and making a low ball offer is still not a good strategy in this seller’s market. Remember, sellers also know the value of their home in this market. Their agents are keeping sellers updated on recent sales and homes similar to theirs as they come on the market.
Homes For Sale in Gilbert AZ:
Below are Homes that have come on the Market in the last 7 Days around the Median price range. Also below the pictures, you will see a Chart of all the Gilbert homes by price and Type:
Below are all the Homes available in the city of Gilbert by Dollar amount and type: