In Gilbert, AZ, the median sold price for Single Family Detached real estate for October 2012 was $215,000, representing a decrease of 0.5% compared to last month and an increase of 36.9% from Oct 2011. The average days on market for units sold in October was 57 days, 38% below the 5-year October average of 92 days. There was a 5.6% month over month increase in new contract activity with 491 New Contracts; a 0.5% month over month decrease in all pendings (new contracts + contracts carried over from September) to 883; and a 5.2% increase in supply to 549 active units.
This Gilbert houseing activity resulted in a Contract Ratio of 1.61 pendings per active listing, down from 1.70 in September and an increase from 0.76 in October 2011. The contract ratio is 152% higher than the 5-year October average of 0.64. A higher contract ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower contract ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the home buyer's favor.
If you want more information on Gilbert real estate, please contact us and one of our local Gilbert Realtors would be happy to answer your questions.