Seville Housing Market Update 2/1/2022
Seville Housing Market Update
Hello, this is Merrill Jencks with the Big Helper Real Estate Group coming at you with your monthly housing market update specific to the neighborhood of Seville in Gilbert Arizona. So, if you live in or near Seville I hope you'll find this information really helpful to give you an idea of what is going on with the market what we expect to see in the coming months, and what's happening with house values what's currently available for sale all that jazz so I am going to share my screen with you all here so that you can see what I'm seeing and we're just going to dive in and talk about the numbers.
So, first, off I wanted to pull up this is a site that Freddie Mac provides that gives us an idea of kind of what the average rates are for mortgages in the united states and a 30-year fixed rate mortgage right now is at 3.55% which as you can see compared to the previous year there's a very dramatic hike combine that with you know everything else that we're seeing in the economy high inflation and also you know home prices that have risen around 25 over the past year there's a lot of concern around affordability and I think there's a lot of you know national media narratives and even local media narratives that are talking about the housing market slowing down because of you know these rising interest rates but I can tell you for sure that so far we are not seeing that at all in fact we're definitely seeing the opposite and I'm going to dive into those numbers but let's just put the rate into perspective for a second and i know a lot of you know this already but if you zoom out and look at the three-year history we're still you know back to where rates were roughly in you know mid to early 2020 and significantly lower than they were in 2019 and 2018. zoom out a little more to the five years or the 10 years you'll be able to see that and you know from since 2012 really since 2011 we've been in a seller's market.
I mean obviously prices were much cheaper in 2011 but we've been in a situation with declining inventory and rising prices in the Phoenix metro area since 2011 and so the 3.55 rate is near the lowest that it has been over the past 10 years and so it's still a great rate you know historically speaking and it's still pretty pretty affordable you know obviously it's getting tougher on you know first-time home buyers and that kind of thing but i don't think that we're particularly you know Seville is not necessarily your average first-time homebuyer neighborhood so the other thing is that you know compared to the other big cities you know i always look at you know Phoenix so yeah it feels like it's getting quite expensive but compare us to pretty much anywhere in California and Washington and Oregon and Denver and you know some of the other big cities on this side of the country even salt lake city and Austin texas and some of these other places uh it's still cheaper than pretty much all those places.
So, right now we have a total of three active listings in Seville this first one here on Ridgewood actually just hit the market today three bedroom 2 baths 2,370 SQFT going for $642,000. 2 other active listings on the market for $980,000 and then the home on sports which just recently came back on the market for 1.6 so that is it that is the of all of seville and the thousands of homes in seville there are only three homes that are actually actively available for someone to buy now there are a lot more that are pending so if we take a look at all the pending listings there are actually 20 pending listings in Seville ranging from 360 all the way up to 1.6 million and i do want to point out I'm going to show you a statistical this report's not very easy to read but you're going to understand this in a second the list price now on pending listings we don't know what they're actually under contract for until they close but until the average price of all these homes that are currently under contract, the average list price is $732 000.
I'm going to come back to that in just a minute all right and then lastly we're going to look at everything that has closed in the neighborhood in the past 30 days we've had nine closings in the neighborhood in the past 30 days this home here on Powell was the cheapest that went for $456,000 and this home here on Reuben was the most expensive for $1.65 million now with the exception of the Reuben house you'll see that everything else was 611 and under which you know when we look at the current average price of all the under contract and pending listings is 7.32 when I look at the average price of these homes that have sold in the past 30 days the average price was only $616,000. I think it's kind of a small sample size I think it sort of has to do with not a ton of homes closing in the month of January and I don't think it's really reflective of the average home value in Seville but you know that is what it is right now the average price again for the homes that have sold in the past 30 days is $631,000. I'm sorry I think I said 616 earlier I messed up on that it is 6.31 the average number of days on market is 27 days so I hope you found this information helpful and a little bit educational maybe you've seen a few homes on here that look like they might be your floor plan.
If you would be interested in receiving an analysis regarding the value of your home I love doing that it's one of my favorite things to put together CMAs for people I'll run the cost and I'll let you know what I think a buyer would be willing to pay for your home in this crazy market even if you have no intention of selling it's a service that I love to provide for our neighbors so thank you very much and I hope you all have a great month and I'll see you again in a couple of weeks.