We've got a little bit of a mixed bag of results from October's housing numbers here in Gilbert, Arizona. On some accounts it looks like the busy Summer buying season is still in full swing. However, other indicators have the market beginning it's annual Fall and Winter slowdown. Let's first break down the numbers. The average Active median list price for a home in Gilbert for the month of October 2016 was $345,000 which is surprising increase from the previous month and the third straight month in which this statistic showed an increase or remained neutral. Sold home values experienced a decrease down to $280,000 which is almost a $10,000 drop. New homes being put up for sale also saw an increase up to $309,500.
So what do these numbers mean if you are a current homeowner in Gilbert or you wish to become one? The busy Summer selling season should be winding down but there are still signs of buyers and sellers remaining active. Each year, it usually takes sellers longer to adjust their prices based upon the decrease in buyer traffic. Over the Fall and Winter you will generally begin to see housing prices begin to decline until next Spring. Sellers need to understand that if you price your home too high your home will be received by buyers with a resounding thud. The longer your home lingers on the market the more it becomes a stale listing and you may miss your sales window of opportunity.
Regardless of the current prices in August, if you are a homeowner, you have seen some steady equity built in to your property over the past year. Conversely, if you have been thinking of purchasing a property in Gilbert there are some price ranges that are once again seeing multiple offers placed on homes and buyers are snapping up the most affordable houses that hit the market each week. But armed with a little knowledge and a hard-working real estate agent from Zion Realty wrapping up that perfect home before another buyer gets to it should be a little less stressful!
If you need more information on homes for sale in Arizona or to find out what your current home is worth contact us Today!