Are you thinking of buying or selling a piece of Gilbert real estate? If so, paying attention to local market trends is an excellent way to determine when the best time to make a move might be. Let’s take a quick look at how the Gilbert real estate market has performed over the first six months of 2014 in our mid-year market update.
Median Sales Prices Indicate a Healthy Market
Homeowners will be pleased to know that this year has seen some positive growth in the median sales price of homes in Gilbert, which is seen by many as the main indicator of market health. Since beginning the year at about $268,500, the median price of Gilbert real estate has grown to $280,500 at the end of June. It’s tough to predict where the market will go from here, but past data suggests that the median price may climb a bit further before cooling off in the autumn and winter.
‘Days on Market’ Indicators Are Steady
While the median sales price can tell you what your home will sell for, you’ll still need some idea of how long it might take to complete the sale. For this, we turn to the ‘days on market’ indicator, which has held rather steady throughout the first six months of 2014. The typical single-family home spends about 65-75 days on the market, although now that we’re moving into the busy summer you can expect sales to move a bit faster as buyers start to flood into the market. One of the best ways to sell faster than these figures suggest is to have professional real estate marketing on your side, so contact us if you’re looking to sell and we’ll share our expertise.
Buyers: Be Ready to Move Quickly
If you’re looking to buy a home in Gilbert, you’ll want to ensure that you’re ready to close the deal quickly when you find the property that suits your needs and budget. In June, about 36.6 percent of listed properties were successfully sold, leaving just 2.7 months of inventory available in the market. July and August are hot months for sales in the area, so you can expect inventory to shrink further as we move through the summer.
Sellers: Your Window to Catch the Summer Rush is Closing
If you’re looking to sell, you’ll need to get in touch with us as soon as possible. As mentioned above, market data suggests that the pace of home sales in the Gilbert real estate market tends to pick up in the summer months, but as we’re almost through July your time is running short. The good news is that property listings receive the bulk of their interest in the first days and weeks after appearing on the market, so you may find that your sale closes very quickly.
To learn more about real estate opportunities in Gilbert, Mesa and the rest of the Greater Phoenix area, contact the Daniel Montez Real Estate Group at your convenience at (480) 269-6060 or you can click here to email us using our contact form.