Luxury Market in Gilbert, AZ

Looking at the luxury homes in Gilbert, AZ? Don't stay in the dark when it comes to the trends we're seeing in that particular market.

Hi, my name is Merrill Jencks, I'm with the Big Helper Real Estate Group at EXP Realty. And today I am coming at you with a market update regarding the luxury market in Gilbert. So today, we're just going to be looking at some interesting market stats and what's going on with the housing market for properties over a million dollars. So if you're a buyer thinking about buying in that price range, or you own a home, in that price range, and you'd like to kind of know, hey, what's the trends, what's going on in the market? This video is for you. So I hope you found the information helpful. If you ever need more information, or you would like an update about what exactly is going on in your neighborhood or with your house are the value of your home, we would absolutely love to help.

We've got some links and contact information in the details of the video. So we look forward to hearing from you there. Let's get into the meat. So right now in Gilbert, looking at single-family homes that are listed over a million dollars, there are 1515 listings. And these 15 listings have only been on the market for an average of about 30 days. The cheapest one currently is 1,099,000. And then the high end as we've got a couple at one at 3,000,001 at 3.2 million, but the vast majority of them are between one and $2 million. All right, and how many pending there's quite a few pending. And I want to show you this because there's not a ton that has sold recently. But pending, we have 32. So there are twice as many pending listings over a million dollars right now. Then there are active listings over a million dollars that right there as a sign like holy cow, that market is picking up big time. I mean, it's been hot for a while. I'm sure you guys all know that it's not like this market is just suddenly waking up. But twice as many pending listings as there are active listings in homes over a million dollars tells me that that market is just like absolutely catching fire right now.

All right. Lastly, how many have closed in the past 30 days. And this is the number that surprised me as being a little strangely small. Only six homes with a list price of over a million dollars have sold in the past 30 days in Gilbert, which makes that pending 3032 pending listings over a million-dollar number even more impressive. Because obviously in the next 30 days, we're gonna see a lot more than six close. So we'll have even better data to give you in a few days.

But here's a statistical analysis of those six properties that have closed and here's where some of the numbers really blew my mind. Okay, so the average list price of these homes the seven these the six listings that have sold in the past 30 days was one almost 1.3 million $1,283,333 the average sold price. Oops, sorry $1,335,333. So roughly 4% or $50,000 above the list price. That's just the average. The lowest, by the way, was one 100% meaning everyone who listed there of these six properties have sold in the last 30 days. Nobody got below their asking price. Everyone got at least their asking price. Now on average, they got 4% above their asking price. So that is very telling as well.

The market is absolutely on fire, especially even for homes over a million dollars to still be going above list price. The average days on market for these properties was 19 days, the slowest home was only 51 days. So 19 days is ridiculously fast for a home over a million dollars. We've never seen homes in that price range sell so quickly for such a high sell-to-list price ratio. So if you have had any thoughts of moving, let us know the markets absolutely on fire. There are tons of buyers looking for a home like yours right now. And we would love to have a conversation with you about it. Thanks and have a great day.

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!