Gilbert AZ Real Estate Market Update

Is it good or bad that my brain's witty app is malfunctioning today? I just can't think of anything to put here.

Inquiring minds want to know.

#GilbertTogether.

For those of you who were wondering who was in the photo last month. It was Pat Benatar. (And, kudos on an amazing memory!!)

• Have you ever tried to explain our city borders to anyone new here? I love explaining that you can drive from Tempe to Mesa, through Chandler, then Gilbert and end up back in Mesa again all while continuing east.

• According to the 2020 General Plan for Gilbert:

  • The town has many recognitions. A few are listed below:

  • #2 Best suburb to live in. Niche, 2017.

  • #11 Best city for Hispanic entrepreneurs. WalletHub, 2017.

  • #2 Safest city in the US, Law Street Media, 2016.

  • Estimated population in 2020 is 257,200.

  • City plans expect the population to peak during the 2040s to have 292k-298k residents.

  • If you keep reading below, my brain was trying really hard to push out a theme and I think I finally found one. I apologize in advance for my humor!!!

What is your HOME worth? Click here to find out!

Gilbert is in a solid Seller's Market. However, don't think that buyers have lost their power.

• Seller paid concessions to buyers are taking place in 39.6% of all transactions and the median concession amount is $7,650.(This does not include price adjustments if a property doesn't appraise at the agreed upon price.)

• Many buyers are focusing on purchasing new builds again.(Don't go and see a new build without inviting me along or you won't have any representation and it won't save you a penny.)

• Interest rates are still in around the low 7% range. Although I want to be optimistic, my realistic side thinks interest rates just might not go back down enough to make everyone happy.

To start your home-buying journey, click here!

Yes, it is time for another "OH CRAP!" comment.

• Great news for potential home sellers. Buyers have few options to choose from. If you didn't already read the Buyer's section above, head on up there for the other side of the coin.

• The volume of new listings is in the toilet. (Ok, roll your eyes at me. I probably deserve it for that one!!!)

For a FREE estimate of value, click here!

Monthly average sales price by square feet is going up; at a nice and reasonable pace.

• Now we have a resale market which is plodding along slowly with poor demand and weak supply.

• So far in the third quarter of 2023 we have seen 7,447 new listings. The equivalent number last year was 12,439 and in 2021 it was 11,712. We are down 40% from last year and down 36% from 2021.(Those were NOT "normal" years, either.)

• This annual drop in new supply is unprecedentedand is having a far bigger impact on the market than the affordability issues caused by the high interest rates.

• That means prices are going up, albeit grudgingly.

• For prices to fall, we have to have an excess supply compared to demand.Even though demand is very weak, supply actually got 2.6% smaller over the last month.

• For those "we're in a housing bubble" folks: There is very low delinquency in residential real estate lending right now, so it takes a ridiculous leap of great imagination to believe that foreclosures are going to have any significant effect on supply in the foreseeable future.

• The chart above stops at $1.5M as luxury home purchases literally stop over the summer.

If you would like to chat about down payment assistance, credit, home warranty options or if now is a good time to buy for your situation, please either reply to this email or call/text me at 602-730-2143.

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for all sorts of real estate content and some weird randomness thrown in for fun.

In fact, I've started doing different series specifically tailored to for Buyers, Sellers, and Renters, we'll cover topics such as negotiation techniques, home improvement, credit scores, escrow hurdles, market updates, recent news articles, and so much more.

If you see which social media logo has been added to this newsletter, let me know and I'll send you a $5 gift card to the business of your choice.