Real Estate Market Update
Local Real Estate in the News
Gilbert Real Estate Market Statistics and Trends - Homes under $250,000. Through November 2007, the average number of homes sold in Gilbert with a price of $250,000 and under has been 55/month. For October and November, the number of sales was 67 and 80 respectively. The real interesting numbers are that the $/sq.ft. has decreased from $164/sq.ft. in the first quarter of 2007 to an average for Oct and Nov. of $137/sq.ft. This represents a 16% decrease in the price / sq.ft. from the first of the year. This would account for the increase in Gilbert homes under $250K sold increasing during a time that is typically slow.
Time article with an interesting outlook on the real estate market. In other words, Ignore the headlines.
New home market stabilizes A couple interesting points in this article and the accompanying graph. 1.) In September there were more than double the new homes sales compared to new permits, but if you look at the year to date numbers, the new home permits pulled and the sales are about even, so has the new home inventory really changed? 2.) Because the builders have reacted to the market with aggresive pricing, 47% of the home sales in September 2007 were new homes! Those resale homes that did sell were definitely not priced at the peak-market 2005 prices!
View an interview with John Vogel, a professor of real estate at Dartmouth, regarding a solution to the increased levels of foreclosures in the country.
Oct. 31st - Permits for new homes hits 14 year low
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