Gilbert AZ September 2014 Housing Market Update

GILBERT, Ariz. - Oct. 15, 2014 - PRLog -- Gilbert Real Estate September 2014 Market Highlight:

Active Listing (Inventory) has Increased 27.2% from September 2013
Number of Homes sold has Decreased 1.0% from August 2014
Median Sold Price has Decreased 2.7% from August 2014
Average Sold Price has Decreased 4.4% from August 2014
80% of Single Family Homes sold are Traditional Sale
Most Expensive House Sold in Gilbert September 2014, sold at $850,000 in Ranchitos Verde
Observation: Leading towards Buyer Market
Buyer has more negotiation power to buy
Seller has to price competitively to sell

Closed Sales Report Analysis:
Sellers:
The month of September 2014 we saw a 1.0% decrease in the number of closed sales compared to the prior month. The statistics show that we had 394 residential Single Family Detached Homes sold in September in Gilbert AZ compared to 398 in August. This compares to 337 closed sales in September of last year. In today’s market sellers need to continue to be diligent in pricing and staging their homes, as we are no longer in a seller’s market. We are now more on Buyer’s Market.

Buyers:
In our shifted market, buyers are continuing to buy – Buyers want to take advantage of this amazing market due to low interest rates, increased inventory, and more traditional sales from which to choose. The Buyer’s Market that we are in now means Buyer has more negotiation in price and Seller’s concession.

Average Sold Price Analysis:
Sellers:
September Average Sold Price decrease from $295,322 to $282,287. This is a 4.4% decrease from previous month. This is because there was $850,000 home closed in September compare to 1,350,000 in August that decrease the average price. It is very important for sellers to pay attention to this change and monitor this statistic to ensure that they remain competitive in the market.

Buyers:
This statistic is an indicator that buyers still continue to pay little bit more for homes than they have in the past 12 months. Educated and savvy buyers understand that a competitive market gives them fewer options for home choices – even when inventory increases. Although this may vary from zipcode to zipcode and from price range to price range, buyers need to make sure they are fully informed regarding the specific market in which they have an interest. This will give them the best chance of being competitive when making an offer.

This report includes MLS data for the past 12 months for Gilbert AZ provided by the FlexMLS system. Information is deemed to be reliable, but is not guaranteed.

Swee Ng, Realtor at Keller Williams Realty Sonoran Living is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about his client life and dreams.

Buyer: http://buy.sweephoenixhomes.com
Seller: http://sell.sweephoenixhomes.com