REAL ESTATE
GILBERT SUN NEWS | JULY 18, 2021
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Keep an eye on shifting housing market here BY MINDY JONES GSN Columnist
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s the monsoons rev up to chase the afternoon sun, Gilbert homeowners have got their eye on the storm as they watch interest rates fluctuate, inventory rise and rapid appreciation give way to a shifting sellers’ market that is as much fun as watching your neighbor’s trampoline fly over the wall. Who would have thought that in the year following the global pandemic, we would be reporting some of the most as-
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Melanie Nemetz
tronomical gains in property values that the state has ever seen? There definitely have been clear signs that we’d be in a sellers’ market for a bit. And there have been even clearer signs that we’re slowly making our way out of it for months now. If we take a look at some of the numbers in Gilbert, you might be surprised to find that we actually have more inventory on the market than we did last quarter –but still not quite as much as we had last year or even two years ago. We’ve had about a 10 percent increase in inventory since March but are still down 35 percent year over year – a significant improvement from our previous 60 percent deficiency in inventory.
Meanwhile pending contracts have been declining for weeks, signifying some dampening of demand as skyrocketing prices cause shell shock and the summer weather once again returns with its seasonal impact on the market. Days on market continue to fall as a reminder that houses are still selling, properties are still appreciating, and we are still in a sellers’ market because there still are not enough homes for people to buy. Even with faltering demand and the
expected rise in inventory due to an end to the moratorium on evictions and the forbearances offered during the height of COVID-19, most sellers have an equity position of greater than $100K – which has kept foreclosures to less than 1,000 Valley-wide as compared to 45,000 in 2009. Builders continue to adjust their selling strategies to capitalize on the 35 percent appreciation the resale market
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