Latest Arizona Real Estate News
Gilbert Arizona Real Estate Market Shows Improvement
Gilbert, Arizona's real estate market shows significant
improvement in home sales.
The improvement in the market is being attributed to declining home
prices, record low interest rates, and the first time home buyer tax
credit of $8,000. All of these factors are causing a substantial
interest in purchasing Gilbert homes for sale and includes the Chandler
Real Estate market as well.
The available inventory of Gilbert homes has been showing a decline,
topping a three year low. Similarly, the neighboring Chandler real
estate market has also seen a decline in its inventory and in general
both cities have posted some of the largest gains in home values are the
same one that are showing the greatest losses. Compared to other outer
Arizona cities in the areas of Phoenix have generally been less affected
by the market downturn. Gilbert's decline is largely due to buyer demand
and not through foreclosures, cancellations and property listing
expirations.
The buyer's demand in the Gilbert market is consistent with 2005
levels, showing buyers that are moving quickly to purchase homes in the
Gilbert AZ area. 30.8% of the properties currently for sale in the
Gilbert real estate market are under contract, up 13% from November
2008.
Overall, the Gilbert real estate market is clearly experiencing
substantial improvement in buyer demand resulting in lower inventory and
higher future sales.
In the next 1-3 months, we should hope to see additional reductions
of available Gilbert homes inventory given the high level of buyer
demand. Though we could see a steady easing of pending sales activity
as 2009 progresses, this trend should still maintain an overall higher
level than that seen since 2006. Given this, Gilbert should post
stronger sales results going forward than that seen since 2006.
In summary, the Gilbert real estate market appears to be developing a
more solid foundation for further improvement resulting in reduced
inventory, higher under contract sales activity, and higher actual home
sales. Though more foreclosures loom in the marketplace, the outlook
for the Gilbert real estate market is very promising for the moment.
Full article is here.
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