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-
ed Receiv s r e f f le O Multip
BESTOF
2021
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
see MINDY page RE2
SPO OTLIGHT home
Welcome to Power Ranch in Gilbert!
Beautiful 6 bedroom, 3 1/2 bath basement home in Power Ranch.
See Page 4
Amy Jones Group
Listed for $615,000!
Our extensive, high quality marketing of your home combined with our thorough preparation of listing the home for sale, will help your home sell faster and for more money. Here is a sample of the marketing for our listings:
BESTOF
2021
◆ Home Staging Report by Interior Designer & Stager ◆ Professional video of home ◆ Professional photos of home ◆ Twilight photos ◆ Community photos ◆ Aerial drone video/photos ◆ 3D Interactive floor plan - Matterport www.fosteringre.com Each office is independently owned and operated ◆ Open house first weekend on the market
480.221.3034
See Page 5
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REAL ESTATE
MINDY from page re1
has seen after reporting just a 5 percent increase in newbuild median pricing. Buyers expecting the bottom to fall out of the market because of a rash of short sales or an excess of new construction will likely be sorely disappointed. There is no shortage of perspectives on the current housing market. But the rate of new listings hitting the market and the percentage of houses listed that actually sell are some of your best predictors for how long we’ll continue to see a rise in prices and multiple offers. We are already seeing the rate of showings going down, the number of offers declining and a change in the concessions buyers are offering and sellers
GILBERT SUN NEWS | JULY 18, 2021
are expecting. While national news will likely pick up on a decline in average dollar per square foot over the last few weeks, properties under $1 million have continued to see an increase in their numbers, topping $246.94 average list price per square foot last week. Overall Valley numbers are declining as the number of luxury listings typically bought and sold in the summer declines and their high-dollar per-square-foot averages are pulled out of the total. This is why being in tune with your local market can help you avoid leaving money on the table and why working with a local professional en-
see MINDY page RE5
This 2,424-square-foot home on S. 164th Street in Gilbert recently sold for $2.9 million. Built in 2006, two interior levels, six bedrooms and seven bathrooms and sits on more than 2 acres. (Special to GSN)
@AmyJonesGroup Each office is independently owned and operated
...a Tradition of Trust
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GILBERT SUN NEWS | JULY 18, 2021
GOT NEWS? Contact Paul Maryniak at 480-898-5647 or pmaryniak@ timespublications.com
Titan Island Pro-Style Range Hood
©2021 Ferguson Enterprises LLC 0621 2367404
MAKE THE MOST OF HOME YOUR LOCAL SHOWROOMS: MESA | SCOTTSDALE Shop online or schedule a personalized appointment from the comfort of your home today at fergusonshowrooms.com.
Gilbert Real Estate Snapshot Provided by the Amy Jones Group Your Local Real Estate Team (480) 250-3857 | www.amyjonesgroup.com
7 YEARS BEST OF OUR VALLEY
$700M+ SOLD REAL ESTATE
2,300+ SOLD HOMES
• Average Days on Market: 19 days Same as 19 Days Last Month
• Active Listings: 172 Up from 125 Listings Last Month
• Monthly Sales: 458 Up from 440 Sales Last Month
• Listings Under Contract: 452 Down from 477 Listings Under Contract Last Month
• Average Sales Price: $598,249 Up from $581,303 Last Month
• Monthly Supply of Inventory: 0.4 Up from 0.3 Monthly Supply Last Month
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GILBERT SUN NEWS | JULY 18, 2021
Beautiful TW Lewis basement home in the award-winning community of Power Ranch
SOLD
Multiple Offers Received
SEL
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Sold above asking price, multiple offers, sold above appraisal and the seller saved over $18,000. Call me TODAY and let me show you how I save you THOUSANDS, and sell your home fast. You won’t be disappointed! Need to lease back? No problem. Sell on your terms!
6 Bedrooms • 3.5 Baths • 3 Car Garage • Basement with Game Room + Flex Space Pool • Gazebo • Built in BBQ • Outdoor Firepit • 12,884 square foot lot Enjoy the all single level community of TW Lewis in The Orchard of Power Ranch. Smart and stylish design with wide hallways and open kitchen and family room. Split floor plan with a beautifully updated master bathroom on the west wing and 3 bedrooms on the east wing. The spacious basement includes a gameroom, flex space, 2 bedrooms and 1 full bath. Enjoy Arizona outdoor living with the swimming pool, built in barbecue area and firepit. Turf in the front and backyards for low maintenance. Make this a must see home! Winner for The Tribune’s Best of Gilbert 2021 in the following categories: BESTOF 2021 Best Realtor: Melanie Nemetz Best Real Estate Team: Melanie Nemetz Team and we work for the agency that won Best Real Estate Agency: Keller Williams Integrity First
Melanie Nemetz
Janet Rogers
480.221.3034 • www.fosteringre.com
602-565-0192
Each office is independently owned and operated
Buying or Selling a Home? Call Erik First!
1850 E Northrop Blvd #170 | Chandler AZ 85286 480-206-5592 cell | www.ErikGeislerRealtor.com Please join me in supporting this month’s service project, in partnership with Cultivate Goodness
1 TON WATER CHALLENGE!
We need your help! Summer is upon us, temperatures are rising and so is the need for water bottle donations! During the month of July Cultivate Goodness is challenging individuals and businesses to donate TONS of much-needed Water.
Are you up for the Challenge? Go to http://cultivate-goodness.org/1-ton-water-challenge/
Serving the Valley, for over 15 Years!
Erik Geisler REALTOR® Your Real Estate Agent
REAL ESTATE
GILBERT SUN NEWS | JULY 18, 2021
MINDY from page re2
sures you aren’t getting a sales person, but rather a strategist who understands the options and can empower you to make the best decision for you and your family. The next few months will prove pivotal as we move from a frenzied sellers’ market into more of a balanced market. Depending on the rate of new listings and the pace at which buyers return to the market – understanding the opportunity to take advantage of more
inventory and more negotiation room before interest rates rise – we could see a dramatic change in selling conditions by the end of the year. Remember: more negotiation room and even more price reductions do not mean cheaper houses – that ship has sailed for now. It means that a family making the median income in Greater Phoenix can afford more than half of what is on the market today. Just like the palo verde tree that didn’t
make it through last night’s windstorm, however, there will be casualties of today’s market. House of Refuge CEO Kayla Kolar recently spoke about the housing challenges many low income families face. “We do see families that come in that have never been in this situation before,” she said. While there will continue to be opportunity for those that can take advantage of it, we’re asking Gilbert to ensure
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that no one is left behind. For more information on House of Refuge, a Gilbert Chamber of Commerce 2021 Disaster Response Award Winner, and the work that they do, visit houseofrefuge.org. Mindy Jones, a Gilbert Realtor and owner of the Amy Jones Group at Keller Williams Integrity First, can be reached at 480-250-3857, Mindy@AmyJonesGroup. com or AmyJonesGroup.com.
ARE YOU LOOKING TO SELL YOUR HOME? And Keep Money In Your Pocket? Our Listing Fee Can Help You Do That!
JANET ROGERS
1355 S. Higley Rd., Suite 111, Gilbert, 85295
602-565-0192
Fax: 888-892-6490
janetrogersgroup.com janet@janetrogersgroup.com
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Make The Call and We Will Get You Moving!
SPO OTLIGHT home
Power Ranch in Gilbert!
Welcome to the award-winning community of Power Ranch. This 2-story, 4 bedroom, 3 bathroom home with a 3 car garage, downstairs flex-space, and upstairs loft sits on a premium North/South facing lot with no neighbors behind. Plenty of space and privacy to enjoy the deep salt-water heated pool and spa! The home has been updated and is move-in ready with beautiful interior paint, wood-look plank tile flooring along with upgraded baseboards, window and door trim downstairs, and Karastan carpet upstairs. Starting with the exceptional curb appeal as you pull up to the home on the cul-de-sac street enter into the living and dining room with plenty of windows for natural light. Just off the entry, you will find a flex room with double doors that can be used as an office, craft room, playroom, or unofficial bedroom. The beautifully updated kitchen features two-tone paint, a huge island with granite countertops and storage on both sides, pendant lighting, picture windows, and café style subway tile to the ceiling along with a walk-in pantry. Visit with friends and neighbors in the kitchen nook with built-in bench seating and an open family room next to the downstairs bathroom and laundry room with added storage. Power Ranch is an amenity-packed neighborhood with 26 miles of walking and biking trails, multiple pools, splash pad, parks, lakes, tennis/ pickleball/basketball/sand volleyball courts. Located in Gilbert and close to Queen Creek enjoy the convenience of all the shopping and dining right here in the East Valley; you won’t want to miss this one!
Listed for $615,000
4264 S Snowcap Court, Gilbert, AZ 85298
(480) 250-3857 www.AmyJonesGroup.com
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Flat fee listing and You decide buyer compensation 100% representation - not limited service Professional Photos Secure lockbox (no contractor box) Open house kick off Scheduled showing times blocks Sell with certainty Sell with no repairs Sell on YOUR terms Most homes sell higher than asking First peek program for your home Limited showing hours
3,995
$
Call Today For More Details