Gilbert AZ Market Report October 2012

 

Gilbert AZ Market Report October 2012

Gilbert, AZ  Market Report October 2012

– Total Active Listings are up 7% over the past 30 days and 41% since May.

– Lender Owned (REO) and Short Sales (SS) make up less than 19% of Total Active Listings.

– Lender Owned (REO) prices are unchanged month over month and up 8% since May. Lender owned properties are selling quickly in the Phoenix Metro Market, as you can see, (averaging 27 Day On Market -DOM) and many are receiving multiple cash contracts driving prices up.

– Unlike REO and Normal Sales, Short Sale prices have remained almost unchanged over the past 6 months and I believe the main reason is the challenge buyers face in closing them. As you can see Short Sales Pending are the biggest bottle neck in our market, with almost as many Pending Short Sales as there are Traditional (Normal) Active Listings.

– Normal Sale prices are up 6% month over month and up 12% over the past 6 months.

What does this mean for buyers and sellers in Gilbert, AZ  :

– If you are thinking of buying a home in the next year or two, don’t wait, prices will continue to rise and interest rates have no where to go but up.  Buy now.

– If you are thinking of selling your home in the next 12 months list it now, competition (other active listings) is still very low but, as you can see, increasing each month.

– If you are considering moving from a smaller to a larger home there has never been a better time to do so. Smaller homes are selling quickly and in many cases above list price while there are still some great bargains available in homes larger than 3000 sq.ft.

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Work with a REALTOR who truly understands the Gilbert, AZ  Market E-mail Nancy@NancyLaswick.com or call (602) 793-1627.

Whether you are buying or selling a home in Gilbert, AZ  I offer a free customized market report. As an informed buyer or seller you’ll make better decisions.

All content in this post is protected by copyright. © Nancy Laswick 2012. All Rights Reserved.

Please Note:All statistics and figures are reported from the Arizona Regional Multiple Listing Service (ARMLS) and/or The Cromford Report and are deemed to be reliable, but cannot be guaranteed for accuracy. It is recommended that any information of special interest be verified through independent sources.