Gilbert Land

An In-Depth Look at the Gilbert Land Market

An in-depth look at the Gilbert land market reveals varying trends that could guide both buyers and sellers in their strategies.

• Over the past month, active listings have dropped to 17, a decrease from 19 three months ago, and remaining consistent with levels from 6 months ago, which indicates stability in market offerings.
• Notably, months of inventory at 8.5 has increased from 14.3 three months ago and remains significantly above market balance thresholds, suggesting a buyer's advantage with options and negotiating power.
• The average price per square foot currently is $18, down from $21 three months ago, highlighting a possible price adjustment due to market conditions or buyer preferences.
• In terms of sold properties, the most recent sale reflects an average price of $750,000, compared to $190,000 three months prior, showcasing a remarkable increase, though recorded on a very limited transaction basis. This could indicate volatile pricing influenced by specific property attributes or buyer competition in limited listings.
• Market dynamics are further illustrated by the days on market (DOM), which is currently at a high of 194 days for sold properties, suggesting longer negotiation periods. Over the last few months, this metric has fluctuated significantly, with an average DOM stretching from 135 days three months ago to a staggering 389 days six months ago.
• The modest rise in sold prices, although with minimal transaction counts, paired with sharply lower average prices per square foot, indicates that while recent sales are favoring higher-priced transactions, active listings may reflect a trend towards lower pricing strategies to attract buyers.
• Given the current landscape, sellers may need to consider pricing adjustments and enhancing property appeal to mitigate longer DOM, while buyers may find advantageous opportunities in negotiating prices below the asking amounts.

Understanding these trends can empower stakeholders in making informed decisions aligned with current market realities.