Seville Real Estate Housing Market Update July 2021

With so few homes available and so many homes that are selling and under contract, it's obvious that the neighborhood is in high demand and values are rising.

Hello, this is Merrill Jencks coming at you with. Date regarding the housing market in the neighborhood of Seville in Gilbert, Arizona. I'm going to share my screen with you so we can jump right into the numbers. So just do that real quick. So this is our MLS and right now, what I'm looking at. Are all active listings in Seville?

Right now we only have three, a brand new listing photos aren't even in yet, for a house on the morning star. It's a three-bedroom, two-bath just under 1700 square feet. And a two-car garage and it just hit the market for 410,000. I wouldn't be surprised. In fact, I would probably be more surprised if they don't get multiple offers and sell above list price, but, you know, we'll see, I think I did see that the home is tenant occupied.

So sometimes those, you know, tenant-occupied homes can be a little bit trickier to sell. In terms of getting top dollar for the house, it just depends on how cooperative the tenant is and how the process is then we have another home here. That's a four-bedroom, three-bath, 27 50 square foot house that the asking 715,000.

And this one has been on the market for 60 days. So, you know, been on the market for eternity in this market. So it's safe to say that they might be overpriced. You know, just definitely seems like a very long time for a home to be on the market. And then lastly, we've got this home here on Lafayette for 945,000.

So, that one of course is on a very large 18,000 square foot lot. So those are the only active listings currently in Seville. And then the interesting part is that, that if we look at, excuse me, sorry, I'm clicking on the wrong boxes here. If we look at how many listings are pending, there are 26.

So significantly more pendings than there are actives. just goes to show how hot the market is. If there's a home that is available, if you see a sign in the yard, there's a, what. At least almost seven times more likely that the sign in the yard is a listing than it is an active listing but anyway, you have 26 listings that are under contract are pending.

The cheapest is at 385,000. and then they go up from there. To this home here on honor court at 1.15 million. and then lastly, I like to look at how many homes we have had close in the past 30 days in the neighborhood. so we have had 10 closings in the past 30 days. I would expect the next 30 days to see much higher than that.

Closings with there being 26 pending, but of the, of the homes that we've had closed the cheapest house. It was, you know, 1200 square feet. It went for 390,000, is kind of an outlier though. Cause the second cheapest, all the way up at 450,000. Although this was home was very small and only 1,284 square feet.

So their price per foot. Really high at 303, 300. I'm not saying that high as in, oh, it was overpriced. I'm just meaning that their price per foot is a lot higher than some of these homes. So maybe, maybe not fair to call it an outlier is what I'm saying. So the most expensive homes have sold in the neighborhood over the past 30 days.

Is this home here on Rachel’s way? That went for 825,000., The averages. Yeah, of course, this is a fairly small sample size and this report it's hard to read. So I'm going to break it down for you. The average list price of these 10 homes that sold in the past 30 days was $553,870. But the average sales price was 575,700, which means that on average sellers were getting 4% above the price that they were at.

The average size of these homes was 2,328 square feet. And the average sold price per foot was $250 and 78 cents with an average time on the market of only 10 days. So, as you can see, I'm going to stop my screen share here real quick. The market continues to be really hot, home selling above list price.

Home values are continuing to rise rapidly. The market as a whole. So if you take the entire Phoenix Metro area, the month's supply of inventory is 0.63 and Seville is at a 0.3, meaning that it's, you know, on average, twice as competitive. As the rest of the market is in terms of just looking at supply and demand.

So, I do expect values in the neighborhood to continue to, you know, continue to rise, with so few homes available and so many homes that are selling and under contract. It's obvious that the neighborhood is in high demand and values are rising. If you would like to get an update regarding the value of your house, even if you have no intention of selling, maybe you just want to update your name.

Or anything like that, I would be more than happy to send you the most similar comparable sales to your house. to give you a much more accurate picture of your home, what a buyer would likely be willing to pay for your home in this crazy market. I hope you found this information helpful 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!