DON'T Listen To Zillow! (Find Out How Much Your Gilbert Seville Home Is Worth In 2021)

We're still very, very much in a seller’s market, but instead of getting 20 offers on every home, we're only seeing 10 offers on every home.

Hello, and welcome to a new update regarding the Seville neighborhood housing market. I'm coming at you today with a quick update about what's going on with the housing market, the housing values, the inventory that’s available currently for sale in Seville. If you already own a home in Seville taking a quick look at, what we're seeing home values do and what we expected them to do over the next.

Period moving forward, obviously, no crystal ball, but just looking at the trends. And I think you'll find this information very helpful. So right now in Seville, there are only six active listings. The cheapest listing is 385,000. It's a three-bedroom, two-and-a-half-bath, 1600 square foot house, and the most expensive house currently.

725,000. It's a five-bedroom, two-and-a-half-bath, 3000 square foot home. So that is what is currently available. Then if we look at what is pending, there are 13 listings currently pending. And then how many listings have sold in the past 30 days is 25, which is a huge number of homes to have sold over a 30 day period for Seville.

So right now we have a month's supply of inventory for Seville of 0.24. In other words, there's basically a one-week supply of properties available,for sale, but with only 13 listings pending. I don't expect that in the next 30 days we'll see so many homes closing in the neighborhood. That is just a huge number of closings for just a 30 day period for what neighborhood.

But the interesting thing is the so of the closed listings, the cheapest home on Pinot noir, three-bedroom, two-bath, 1,284 square feet went for 395,000. The most expensive home in the neighborhood went for 2.5 million bedrooms, seven bathrooms, 7,000 square feet on almost anything and so the interesting thing is, I like to look at this report here.

It's a statistical analysis. I realized it's not very easy to read, but I want to pull out a couple of really interesting numbers for you. The first of which is the average sales price of $661,360. Over the past 30 days, that's been our average sales price, the average sold to list price ratio was.

Point zero four, meaning that homes are getting 4% above the asking price on average. And the average price per foot was $239 and 26 cents. Of course, some homes are going to go for higher than that average. And some are going to go for lower. This just gives you kind of a rough idea of what you might, you know, expect to see if you had an average.

And then that's really, really fascinating. I think the part that you guys will like the most out of all these numbers is what average prices have been doing over the past year. So I went ahead and looked at, okay, well, what was the average sales price in Seville a year ago? And it was $497,131.

So we’ve basically seen an increase in the average, sales price of 33% year over year. I expect that trend will probably slow down. I don't think you're going to see an increase of 33% over the next 12 months. you know, we're, we're starting to reach, You know, at a point where affordability is becoming a bigger and bigger factor.

The good news is rates are remaining low, right around, and slightly under 300 percent on average. And so that's, that's helping with affordable but the market as a whole, you know, the whole Phoenix Metro area is starting to see, you know, homes are, you know, we're still very, very much in a seller’s market, but instead of getting 20 offers on every home, we're only seeing 10 offers on every home.

Slowing down very slightly. The total number of active listings in the Phoenix Metro area is climbing slowly. I have another show on this called Merrill's Monday morning market madness that we can send you if you'd like to get a better idea of what the market is doing as a whole. But again, average sales prices will probably continue to increase.

My best guess is that we'll probably see an increase of 10 to 15% over the next 12., just because of how low inventory is and how many people we have, how much growth we're seeing in the area, hopefully, more but anyway, I thought you would find this information helpful if you have any questions, please let me know if you would like to know specifically what the value of your home is.

I would be more than happy to put together a custom valuation for you. And, it will be a lot more accurate than what you might be getting from Zillow or any of these other automated sites. Those are mostly coming in. Right now, because of, you know, their algorithm, whatever it is, isn't calculating the heat, the temperature of the market.

And you know, if they're looking at homes that sold six months ago, well, home values are up 20% from six months ago. And so the other, the algorithm on those automated valuations is off a little bit right now because of how hot the market is. So I'd be more than happy to give you a better picture of what a buyer would be willing to pay for your home in this spot.

One final thought to close with one thing that we're starting to see, depending on when you bought your home in Seville, there is a limit if it's your primary residence, there is a limit in how much you can have as again on your primary residents. A figure for a single individual is 250,000. If you are married, it's 500,000.

And so if you had again on your house, that's greater than that. There is a possibility that a portion of the sale of your home, would be subject to a capital gains tax. So we are starting to see some people think, you know, from a tax standpoint strategically, it might make sense, sell and purchase a new home so that you can start that capital gains timer over.

There's a lot of moving parts to that, and I'm not an accountant. I don't want to give taxes. But I do think it's something that we're seeing. A lot of people start to consider you know because the value of the home is up so much. So let me give you a better idea of how that is calculated and we can have a better conversation.

Yeah. Whether you're on the cusp of surpassing that gain limit or not. So anyway, that is it. There'll be guys have a great day. Thanks.

What does this mean to you? If you're even a little bit interested in learning more about participating in the Phoenix housing market as a seller, buyer, or investor... you NEED to know this stuff! Or at least work with someone who is obsessed with the market stats. Reach out to me today so we can start working on making your real estate dreams a reality!