July Market Analysis for Gilbert

Gilbert historically has always done well, so it should with no surprise that Gilbert is one of the cities leading the comeback in today’s market. For the month of July, 454 homes changed hands. The dominant price range was between $150,000 and $200,000 at 137 homes sold. That same price range is also leading the city in inventory at 3.29 months of supply.

While it is reasonable that as the prices go higher, the supply will go up, we do see a big jump going from one side of $400,000 to the other. The most like explanation may be the fact that jumbo rates kick in at $417,000. Another reason this may have occurred is that almost half of the people buying homes today are investors. As such, investors tend to want to buy at a price point that they can cash flow. Finally, most first time home buyers can only qualify up to around $200,000.

Price Range	Active	Pending	Sold	Inventory
<$100k	25	21	10	4.60
$100k-$150k	156	156	92	3.39
$150k-$200k	252	199	137	3.29
$200k-$250k	212	124	90	3.73
$250k-$300k	161	71	55	4.22
$300k-$400k	177	60	47	5.04
$400k-$500k	86	18	12	8.67
$500k+	165	18	12	15.25
Gilbert	1238	667	454	4.20

To further this point, we can even evaluate the days on market as well as the sold price to list price ratio.  At $100k to $150k, we see a sold ratio of 1.02 and at $150k to $200k, we see a ratio of 0.99.  There average days on market at these same price points is 91 and 92 days, respectively.

Price Range	LP/SP	Avg DOM	$/sqft
<$100k	1.01	125	76.81
$100k-$150k	1.02	91	89.01
$150k-$200k	0.99	92	95.03
$200k-$250k	0.98	99	100.72
$250k-$300k	0.97	108	95.35
$300k-$400k	0.96	129	102.66
$400k-$500k	0.96	165	119.45
$500k+	0.93	216	148.26