Here’s Your Monthly Dose Of Gilbert Housing Market Update
It’s that time again… What time is it? It’s Gilbert Market Update Time!
And of course, you know I need to share a Gilbert fun fact as well.
For this week’s fun fact did you know that the Elliot street signs are spelled wrong? Yup! The street was to be named after some early pioneers, but their name was spelled Elliott with TWO T’s.
So why how did all our Elliot street sides end up being spelled differently than their namesake? Well because the first batch of signs showed up with the spelling error. Instead of remaking them, they decided it was easier and cheaper to roll with the incorrect spelling.
What do you think about that?
But now let’s get into the nitty-gritty… What’s going on in Gilbert?
Well not too much has changed from my last market update. Supply is still low while demand and therefore prices are still slowly climbing.
Does this mean we are going to see a POP like we did in 2007? NOPE! If you want to know more about why the market is in good shape compared to 2007 I’ve got another video up that you can watch for more info.
This month 459 homes were sold which is a smidge higher than last month, but it is still 17% higher than this time last year.
The number of homes for sale is slightly lower than last months sitting at 121 which compared to last year is 62% less.
Median sales prices this month were around 420K. A whole 19% higher than a year ago. I did the math for you (And by that I mean I just looked it up.) Median sales prices last year were around 357K.
But again don’t let that 19% price increase worry you, it isn’t indicative of a housing crash.
While 19% is a healthy number in 2007 home prices were up around 45% due to bad loan practices, the increase we are seeing has nothing to do with bad loan practices and has everything to do with the lack of supply and people wanting to move due to conditions the pandemic have brought into our lives, such as working from home.
That’s all I’ve got for you this month! If you have any questions give me a shout.
Be sure to check out my other videos for tips and tricks for buying and selling!