The real estate market continues to have a shortage of homes on the market which has been driving prices upward. We do not expect to have another real estate bubble however because our market was so undervalued these past few years, we are making gains to reach the level of stability. Basically, we over corrected downwards and are trying to find that balance. Currently we have 14,999 homes on the market with 8,245 closing in July, 2013. That is 1.8 months supply. Predictions indicate that we need a 4-6 months supply of homes on the market to reach full stability.
This last month, our average sales price for Maricopa & Pinal counties was $248,360 and the average time on the market was 63 days. When we narrow that number down to Gilbert specific numbers we can get a better picture of what the market is doing. Last year in July, 2012, we had 6,996 homes sold for an average price of $197,536 in 70 days in other words, a 21% gain year over year.
As for
Gilbert, we sold 520 homes in July 2013 for $270,147 in 49 days on average. In 2012, we had 413 sales for an average of $236,440 in 66 days. Keep in mind, the difference in sales numbers comes from the supply available to buyers in the marketplace.
Gilbert home values have risen 12.5% year over year.
Homes For Sale in Gilbert
We can break this data down even further -
Power Ranch had 35 homes sell in July 2013 for an average of $273,127 in 43 days. Currently we have
36 homes available in Power Ranch which means in reality we have only a 1 months supply. Last year, Power Ranch saw 22 homes sell in July for an average of $236,962 in 35 days.
Power Ranch home values are rising faster then Gilbert as a whole at 13.2%.
Power Ranch is surrounded by a handful of other neighborhoods - Coronado Ranch, Windmill Ranch and San Tan Ranch who have also been gaining in property values.
- Coronado Ranch had 14 homes sell in July, 2013 for $280,057 in 68 days while in July, 2012, 9 homes sold for $199,389 in 27 days on average which is a 28.8% gain in values! See Homes For Sale in Coronado Ranch
- Windmill Ranch had 1 home sell this July for $279,000 in 44 days while last year nothing sold in the month of July however, June of 2012 saw 1 sale at $208,000 in 36 days. See Homes For Sale in Windmill Ranch
- San Tan Ranch had 16 homes sell this month for $226,006 in 47 days and last July saw 13 sold homes for an average of $201,165 in 27 days. San Tan Ranch experienced a 10.9% gain in value. See Homes For Sale in San Tan Ranch
As a whole, the 85297 zip code saw home values rise from $255,128 to $291,070 or 12.3% as a whole. We expect similar numbers for the remainder of 2013.
See Homes For Sale in 85297.
Want to know what your home's value is? Contact Chelsea Elwood at 602-748-6136. Chelsea is a Power Ranch resident and Gilbert Real Estate expert.
