Below you will find the statistical breakdown and more for the Gilbert area Real Estate Market for February 2019.
Below is a snapshot of February’s Real Estate Market Statistics for Gilbert AZ:
The number of new listings in Gilbert for February was 454 down 16.1% from January. New contracts also decreased by 1.0% to 484. We saw 340 home sales completed in February up 25.9% from January. Median sales price was $322,000 down .9% from January. There were 663 active listing in Gilbert with the average days on market of 57. The average sold price to list price was 97.5% up by .1% from prior month.
Gilbert Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
The forecast for February was for an increase in inventory thus moving toward a balanced market (where inventory reaches 3 months) However a strong sales month actually drove down months of inventory from January’s 2.5 months to February’s 1.95 months (a 22% decrease). Since we have moved back into a strong sellers market, Homes priced correctly, sellers can expect to sell in less than the average of 57 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 February, we saw the list to contract price of 97.5% up by .1% from January. We also saw the median price drop by .9% from January to $322,000.
What does this mean if you are a buyer?
For buyers, a inventory of 1.95 months (compared to 2.50 months in January) is not welcome news since this indicates we moved back into a strong sellers market. Sellers continue to have a 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 not a good strategy in this seller’s market. The forcaster’s are predicting an increase in inventory, so if you are going to make an offer have your agent look at what happening in March to see what the inventory is doing real time. Also looking at the market by zip code also can help develop your best strategy.
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: