Here’s a look at the Gilbert Real Estate Market Report for August 2018. The number of new listings to hit the market decreased this month over last. We saw the median sale price increase slightly. Let’s take a closer look at the stats for this area.
A Look at Housing Stats
At the end of July, there were a total of 539 homes sold in the Gilbert area. This number shows a 10 percent increase from the 490 homes sold in July of 2017, but we see a slight decrease from the 581 sold last month. The majority of homes sold in July were in the $250,000 to $400,000 price range. The median sale price for homes in this area was $332,000. This amount shows an increase of 8.50 percent over the median sale price of $306,000 this time last year. The median sale price for last month was $330,000.
What Does this Data Mean?
We entered the month of August with a total of 703 homes listed without an offer pending. This number shows a decrease of 17.6 percent from the 853 homes listed without an offer this time last year. Last month, there were 745 active listings in Gilbert. There are currently 310 pending listings on the market. This number is down 38.7 percent from the 506 recorded in July 2017.
What does this mean if you’re buying a house in Gilbert?
In July, there were 524 new listings added to the market. This number shows a 1.9 percent decrease from this time last year. The number of new listings recorded last month was 615, so we’re seeing a drop in new listings month-over-month. The competition for homes is still going strong as we move through the end of summer. This is no time to let your guard down if you’re hoping to get into a new home before the end of the year.
Give yourself the edge by signing up for real estate listing updates via e-mail. The best thing about setting up searches if you get to pinpoint the criteria that match your needs. This process saves you time when it comes to sorting out homes that don’t make sense for your wish list.
What does this mean if you’re selling a house in Gilbert?
The average length of time a home is staying on the market is around 42 days. This is an improvement of 25 percent from the 56 days seen this time last year. For home sellers in Gilbert, the current housing inventory means that your listing will likely get a great deal of attention. Make sure you aren’t alienating potential buyers by making sure you asking price makes sense for the area. Use the home valuation calculator and get back a general idea of what your home is worth. Afterward, give us a call to receive a comprehensive report. A comprehensive report takes things into account like recent upgrades, neighborhood sales, and current market trends.