Market Analysis for Gilbert, AZ - June 2008

Gilbert has seen a slow down in the housing market and sales prices decline over the last several months. There has been stiff competition from builders which is hurting the resale market as well as many foreclosures. Several builders have recently gone into foreclosure as well, leaving Gilbert with several unfinished subdivisions and many homeowners wondering what will happen to their subdivision's HOA's.

Home prices in Gilbert have depreciated 13% from 2006 to 2007. However, there is good news on the horizon. Gilbert's resale inventory level is continuing to see a slight decrease and is currently at 2,200 active listings. The average days on market has also continued to show a month over month decrease and is now at 119 days. The trned for closed sales is also showing an increased with 343 homes sold in June and currently 123 under contract and 427 pending sales. The average sales priced for June is $280,000 for 2,297 square feet.

The good news for Gilbert - The median sales price is $265,000, down from $327,000 which is great news for buyer's affordability. There are a lot of opportunities for buyer's out there right now. It's a great time to purchase a home with the large amount of homes to choose from, the incredible builder incentives, and the resale deals to be had.