Local experts report that Gilbert, Arizona, is the fastest growing city in the nation, with 1,000 new residents a month! But is the real estate market booming?
In 2006, there were 3,730 re-sales of homes in Gilbert and the median sales price was $327,000.
Just one year later the median sales price is down to $306,500.
The reasoning? Notes one local professional, "Gilbert has seen a slow down in the housing market and sales prices decline over the last several months. There has been stiff competition from builders which is hurting the resale market. Builders are offering large incentives which is putting price pressure on the resale market in addition to the increasing inventory levels."
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Published: June 20, 2007
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