Here’s a look at the Gilbert Real Estate Market for May 2018. New numbers show that fewer homes were sold last month, but we did see an increase in new home listings. Let’s take a closer look at Gilbert market trends.
A Look at Housing Stats
At the end of April, there were a total of 471 homes sold in the Gilbert area. This number shows a 3.1 percent decrease from the 486 homes sold in April of 2017. The majority of homes sold in April were in the $250,000 to $400,000 price range. The median sale price for homes in this area was $320,000. This amount shows an increase of 11.50 percent over the median sale price of $287,000 this time last year.
What Does this Data Mean?
We entered the month of May with a total of 668 homes listed without an offer pending. This number shows a decrease of 20.3 percent from the 838 homes listed without an offer this time last year. There are currently 408 pending listings on the market. This number is down 25.3 percent from the 546 recorded in April 2017. Homes sales may be down in Gilbert, but that doesn’t stop sellers from adding new life to the market inventory with fresh listings. These new listings spark interest with home buyers and improve sales.
What does this mean if you’re buying a house in Gilbert?
In April, there were 605 new listings added to the market. This number shows a 3.8 percent increase from this time last year. This increase in new listings is good news for home buyers in Gilbert. However, having new homes hit the market does you no good unless you can learn about them before other potential home buyers. It’s a good idea to sign up for real estate listing updates via e-mail and create specific searches that center around the criteria that is important to you. This type of action gives you a jump on the competition and may help you land the home of your dreams. You’ll want to speak to a real estate agent about your needs in a home. Often, they catch wind of homes coming on the market and can place you on alert before anyone else sees that data. This knowledge can put you ahead of the game.
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 53 days. This is an improvement of 7.02 percent from the 57 days seen this time last year. For home sellers in Gilbert, this means there’s less time you’ll have to wait before you can sign closing papers and move forward. The first thing you’ll want to do to ensure a successful sale is to set the correct asking price for your home right from the start. In order to do this, you can enter some basic details to a home valuation calculator and get back a general idea of what your home is worth. From there, you’ll want to speak to a real estate agent about receiving a comprehensive report. A comprehensive report takes things into account like recent upgrades, neighborhood sales, and current market trends.