We've got a surprisingly mixed bag of results from May's housing numbers here in Gilbert, Arizona. On some accounts it looks like the busy Summer buying season is here and in full swing already. However, other indicators have the market still in neutral. Let's first break down the numbers. The average Active median list price for a home in Gilbert for the month of April 2016 was $340,250 which is almost a $6,000 decrease from last month. Sold home values also experienced an derease. The median price for a home that sold in Gilbert, Arizona in May of 2016 was $272,500 which is an drop of $4,000 over last month's values. Seeing an increase was the New listings coming on to the market. New homes being put up for sale had sellers increasing their asking price expectations in May by over $5,000.
So what do these numbers mean if you are a current homeowner in Gilbert or you wish to become one? When the annual busy Spring and Summer real estate market begins, it usually doesn't take long for buyers and sellers to disagree on home prices and values. Sellers generally start to reach for the stars when it comes to pricing their homes, hoping that they can garner top dollar from eager buyers. Meanwhile, buyers are just now rubbing their eyes and waking up from their Winter slumber only to be shocked at the sticker price for homes that they once may have thought were in their budget. If you're attempting to sell your home during the Spring and Summer months it's more important than ever to set a realistic price for your home. 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 May, 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!