Real Estate Housing Market in the East Valley
I am pleased to tell you the real estate housing market in the East Valley is making a comeback from historic lows. Since 2013, we’ve been experiencing a slow but steady rebound to home values. If you’ve bought a home in the last 15 months, you know you’ve got to scramble to submit the contract. It’s a nice change from where we were in 2008-2010 that’s for sure!
Real Estate Rebound
The first time we saw real growth in the market since the recession was in 2013 when there were double digit percentage increases in home values. It was a buyers market for sure! By October of that year, the market slowed which wasn’t entirely unexpected as we were heading into the holiday season.
What was surprising was that real estate activity remained flat for almost all of 2014, even during the summer when we typically see increases in home sales in family-centric places like Gilbert. Families tend to move in the summer when school is out of session.
We didn’t see the market pick up in May 2014 through the beginning of 2015.
After 18 months of a flat real estate housing market in the east valley, we are starting to see volume increase. Inventory, houses for sale, had been hovering around 25-28k and dropped to 20k in June 2015. At the height of the recession and housing crisis, there was an average of 55k homes for sale with inventory sinking to 14k during 2013.
Homes that show well are being sold fast.
A well kept Gilbert home priced in the $200,000-$300,000 price range will normally sell within a week. Sellers that want top dollar for their home should make sure it shows well inside and out. If it does, they will have multiple offers the first week on the market. Higher end homes are also moving but take a little longer due to the reduced buyer pool.
My Advice for Buyer and Sellers
It’s a tight real estate market in the east valley these days.
If you’re selling, make sure your home is clean, tidy, and ready to shine when it hits the market. It’s likely you can catch this wave and quickly sell you home if it looks good and is priced right.
If you’re buying, it’s time to exercise patience as shopping is pretty competitive. When you find a home you like, you will want to be aggressive and timely with your offer. It may be hard to negotiate seller concessions and in most cases you will need to come in at full asking price.
New construction is still pretty robust in Gilbert with communities like Bridges of Gilbert building at a steady pace. Morrison Ranch is preparing land for it’s next big addition and that project looks like it should be very successful.
As always, if you want information on a particular community, neighborhood or home, call Newman Realty at 480-993-8653. My team and I are here to help.