Gilbert Market Conditions

Gilbert Market? Gilbert is a wonderful community to live in and was just named one of the Top 100 Cities to live in by Money Magazine, ranking 36th. Good News: Total active listings have dropped to by another 1207 units over the beginning of last month. As of August 7th we sit at 27,736 listings for both single family and condos. Sales as of August 7th were 9041, down by 943 units from June.We currently sit at 3.06 months of supply! If you take out the AWC contracts which The Cromford Report puts into active listings, we are at a 2.2 months of supply! The total absorption rate was 33%. Traditionally a balanced market has been considered 3-4 months of supply. We are in a seller's market! Short sales represent 22% of the closings in July compared to last months 24%, and 39% of the active listings for a 5.4 months of supply.The total for distressed properties is 66% of the sales for the last month, this is down 2.0% from last month. The listing success rate has risen up to 74.5% and for Short Sales is at 60.8%. Maricopa County July of 2011 closings were 7902 vs. 2010 of 6843 which equates to a 1% increase over last year. Reality Check: July 2011 Median price sold in Maricopa County was $120,000. July 2006 median price was $265,000! **July of 2000 was $136,000. We currently sit at a 3.1 months of supply in the valley. The high end market has recovered slightly. 72 properties over $1.0 million sold for the month of July in the whole of MLS. This is 14.4 months of supply. Listings dropped by 33 units. East Valley = 2.7 month supply of homes