Market Conditions for Gilbert, Arizona Reported by Bill & Cindy Flowers Team, Realtors, Associate Broker, CRS, ABR, B.S. in Marketing Updated July 7, 2008.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

Breaking NEWS: In the past 30 days, there were 1300 homes that went under contract in the southeast valley; 1100 of which were priced under $300,000! In fact, for that price range, there is only a 6 month supply of homes for sale in the southeast valley! It is widely accepted that a 4 to 6 month supply of homes for sale is considered a balanced market - neither a buyer nor seller's market. This information coupled with the fact that we are seeing multiple offers in this price range from investors and primary residence buyers alike, tells us that prices may be leveling out and heading back up soon! Even though homes priced above $350,000 are starting to sell, that price range is still considered a buyer's market. In fact, for homes priced above $600,000, there is approximately a 2 1/2 year supply of inventory. So it is a great time to sell a home in the lower price range to take advantage of the balanced market and then buy a home in the upper price range to take advantage of that buyer's market!

The Gilbert market activity, as well as the entire southeast valley activity, has definitely increased in the past few weeks which will help to stabilize the inventory of homes for sale and should also stabilize prices. We believe prices are at or very near the bottom and cannot go much lower. There are some incredible deals available and interest rates are extremely low, so now is the time to buy to take advantage of the low prices and low interest rates while they last! Our team currently has many bank owned properties listed and experts on our team who specialize in finding all the great deals. We also have a list of bank owned properties that have not hit the market yet but will be available as soon as they are cleaned up. Please call us today to get the latest list of homes available now as well as those that are coming soon!

In 2004 and 2005, Gilbert experienced a 47% increase in home prices. For many years previously, the average appreciation was 4 to 7% per year in Gilbert. Prices have been settling back down over the past two years and are down approximately 10% valleywide. Now is a tremendous time to buy as there is an oversupply of builder specs as well as resale homes. In addition, there are thousands of bank-owned homes and those in foreclosure currently.

Many move-up buyers are taking advantage of this market as they have learned that even though they may be taking a 10% hit on the sale price of their home, they are gaining that same amount in equity on their higher priced purchase. So if they are selling a $300,000 home and must sell for 10% or $30,000 less, they are making that up on the purchase of a $500,000 property. Assuming the $500,000 home can be purchased for 10% less, that's a $50,000 savings on that purchase which helps to offset the lower price on the sale of the first home.

Please call us for all your real estate needs and remember, Flowers Get Results!

ZIP Codes: 85234, 85295, 85296, 85297, 85233

Location Characteristics: Gilbert, Arizona has been the fastest growing city in America for the past several years. It now boasts a population of approximately 200,000. Until recently, Gilbert has been known as a bedroom community in the Phoenix metro area. However, recent construction of new hospitals, major shopping malls and car dealerships have placed Gilbert as one of the top destinations in the valley of the sun! In addition, the award-winning Gilbert School District is widely respected nationwide. With beautiful streetscapes and plentiful parks, Gilbert offers one of the most desireable lifestyles in the southwest!

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