We've got a little bit of a mixed bag of results from July'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 taking an unexpected downturn that isn't quite normal for this time of year. Let's first break down the numbers. The average Active median list price for a home in Gilbert for the month of July 2016 was $341,250 which is almost a $9,000 decrease from the previous month. Sold home values experienced a slight decrease from $280,000 in June to $278,000 in June. However, new homes being put up for sale had sellers increasing their asking prices by nearly $1,000 to average $290,950.
So what do these numbers mean if you are a current homeowner in Gilbert or you wish to become one? When the annual busy 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 usually experience sticker shock due to the typical Summer price increases. July's housing numbers reflect buyers being a little bit stingy in what they are willing to pay for a home in Gilbert causing sellers to decrease their home prices to garner the attention of interested home shoppers. 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 June, 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!