REAL ESTATE
GILBERT SUN NEWS | JUNE 20, 2021
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Inventory rising – but so are home prices BY MINDY JONES GSN Guest Writer
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e’ve finally entered into the land of 100-degree digits and man, oh man, it’s hot. Talking about the weather in Arizona is getting about as repetitive as talking about real estate with one exception: while the national news media is clear on what 100 degrees looks and feels like, you won’t get a single commentary that accurately describes the real estate market in Gilbert with any level of consistency across news channels.
Melanie Nemetz
The problem is not so much that people can’t pull the data correctly, but that the interpretations of the data are cloaked in a variety of different emotions based on historical trends, outlier experiences, or inaccurate connections between leading and lagging indicators. And the truth of the matter is that while we can’t predict the future, the closer we get to understanding the local real estate climate, the better we can predict – at least in the short term – what to expect from a consumer perspective. Let’s be clear: we are talking about houses here, not shoes, not handbags, but houses. People need places to live and right now, we don’t have enough
Beautiful 6 bedroom, 3 1/2 bath basement home in Power Ranch. COMING SOON!
places for people to live in Gilbert – or across the Valley, for that matter. Period. That is the driving factor – and will continue to be the driving factor – for the extreme appreciation of pricing that we’ve seen in the last 18 months and can expect to see for at least the next six months. Before something can come down, it has to stop going up. These may seem like reasonable economic concepts but with lots of click bait swirling around
the internet, we still have many theories to dispel. The good news is that some level of skepticism is being given rumors of houses appreciating an average $100K in a single year. It means that people haven’t completely lost their sense of reality and it’s likely keeping people from making really bad decisions right now. What is normal: Questioning how the monthly median sales price can rise
see MINDY page RE2
SPO OTLIGHT home
Welcome to Cooley Station in Gilbert! See Page 4
Amy Jones Group
Listed for $800,000!
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: ◆ 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
24.6 percent in just one year. Or why the builders are moving away from advertising prices to holding auction style Zoom bidding for lots to combat a 5.3 percent increase in pricing in the same time period. For the 5,500 people who have bought or sold houses in Gilbert in the last year, it has definitely paid off. With active listing counts in Gilbert about the same month over month, we’re watching with a very close eye the rate of new listings hitting the market. We’ve been warning of a market cooling that will not likely be reflected in pricing for many months to come. We’re finally seeing it, hoswever, in the fastest pace of new listings since April 2020. With the end to forbearance for many owners coming up this summer, we will likely see this number increase. The pace of new listings will indicate how soon prices stop escalating quite as quickly as they have been. This should be music to our buyers’
GILBERT SUN NEWS | JUNE 20, 2021
ears: more inventory and still appreciating values. While many people think they should wait for a true buyer’s market, the idea that prices would be going down as you get your keys just doesn’t seem like anything I’d be shouting about from the top of the water tower. In fact, it feels like we might be in the best window of buying opportunity that we’ve seen all year. What is usually a very uneventful time for real estate, summer will likely be one of the cheapest times to buy houses in the next 1218 months as prices and interest rates continue to rise. Have a home to sell before you buy? You are the lucky ones that get to capitalize on both markets. For the first time since March, we are seeing a flattening in the number of listings under contract, the number of sales and supply. We are still selling in Gilbert at over 104 percent of list price which means competition for the few houses avail-
This 3,00-square-foot home on E. Palo Blanco Way in Gilbert was listed at $999,000 but sold for $1.3 million last month. It was built in 1995, but completely renovated. (Special to GSN)
able has not died down. Don’t mistake a cooling trend in the market for the ability to leave your game face at home. Come in strong, come in hot and claim your piece of this town as your own.
@AmyJonesGroup Each office is independently owned and operated
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
...a Tradition of Trust
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GILBERT SUN NEWS | JUNE 20, 2021
GOT NEWS? Contact Paul Maryniak at 480-898-5647 or pmaryniak@ timespublications.com
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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 Up from 15 Days Last Month
• Active Listings: 129 Down from 137 Listings Last Month
• Monthly Sales: 495 Up from 394 Sales Last Month
• Listings Under Contract: 458 Down from 458 Listings Under Contract Last Month
• Average Sales Price: $581,034 Up from $529,851 Last Month
• Monthly Supply of Inventory: 0.3 Same as 0.3 Monthly Supply Last Month
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GILBERT SUN NEWS | JUNE 20, 2021
Beautiful TW Lewis basement home in the award-winning community of Power Ranch
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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!
Erik Geisler REALTOR® Your Real Estate Agent 1850 E Northrop Blvd #170 | Chandler AZ 85286 480-206-5592 cell | www.ErikGeislerRealtor.com
Serving the Valley, for over 15 Years!
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GILBERT SUN NEWS | JUNE 20, 2021
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SPO OTLIGHT home
Cooley Station in Gilbert!
Have your breath taken away as you enter into this beautiful, model quality Cooley Station home! This home features gorgeous marble like floors, high end carpet and custom tray ceilings in living & dining room. The gourmet kitchen features oversized entertainers island with granite countertops, beautiful white 42" cabinetry, walk in pantry, 36" induction cooktop and double ovens. Primary bedroom has its own private walkout to the pool with its en-suite bath featuring beautiful marble surrounds on the tub and in the shower. But this is just the beginning! No expense was spared when designing this home’s beautiful sparkling pool with swim up dining & oversized spa with designer fire feature! This home will not disappoint! Come see for yourself! Listed for $800,000
4458 E Skousen Street, Gilbert, AZ 85295
(480) 250-3857 www.AmyJonesGroup.com
833-356-1735
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©2018 Google LLC All rights reserved. Google and the Google logo are registered trademarks of Google LLC. *Valid with the purchase of 4 or more windows. Not valid on previous orders. Valid on initial consultation only. 0% APR for 18 months available to well qualified buyers on approved credit only. Finance charges will be waived if promo balance is paid in full in 18 months. Down payment may be required, OAC, See representative for details. Valid on purchases made in the month and year of consultation and purchase of product. ©2021