What is the Absorption Rate when it comes to real estate? The Absorption Rate chart shows how long the current inventory of properties would last at the current rate of sales. If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market. In a healthy real estate market this number should hover around a 3-Month average. As you can see the Gilbert, Arizona real estate market has been below that mark for the better part of a year meaning total inventory has been slightly lower than the market can actually handle.
The amount of available homes for sale in Gilbert has been on a steady incline since May 2016. The current supply of homes sits at a 2.4 month supply. The Gilbert, Arizona market is still seeing a high level of competition in the first time home buyer market. Homes in the price range of between $200,000 to $250,000 are being bought up the quickest and some are receiving multiple offers within the first week of being listed for sale. But armed with a little knowledge and a hard-working real estate agent from Zion Realty snapping up that perfect home before another buyer gets to it should be a little less stressful! However, if you're in the market to sell your home, now is a great time as there will be less competition during the Fall and Winter months.
If you need more information on homes for sale in Arizona or to find out what your current home is worth contact us Today!