Chandler and Gilbert Average Prices for Sold Homes in 2008 & 2009.
I heard a saying that accurately describes our current media. It is credited to Mark Twain, “If you don’t read the newspaper, you’re uninformed. If you read the newspaper, you’re mis-informed”. I guess the more things change the more they stay the same! This description also applies to those 5 second sound bites regarding real estate in Arizona. I feel more comfortable when I can see the data and draw my own conclusions. It is an oft used phrase but all real estate is local so what applies to the country does not necessarily apply to our corner of the state. Here’s a local look at two desirable cities in the Phoenix area, Gilbert and Chandler.
A Look At Gilbert And Chandler Home Sales in 2008 & 2009
At the beginning of the year Gilbert started off with around 1,980 homes for sale and is currently at 1,700, a 14% drop. Chandler started 2009 with 1,760 homes for sale and will end 2009 around 1,500, a 15% drop. The distressed sales for November for each city is almost a mirror image; for November 2009, foreclosure/bank owned sales in Gilbert and Chandler were 28%, short sales 26%, and normal sales 46%.
For the greater Phoenix area, there were 14,000 bank owned REO listings in mid-December 2008 and that has dropped to 5,500 currently. Short sale listings have gone from 11,500 to 14,800 in the same time period.
Trends for Gilbert and Chandler AZ Homes Sold during 2009
The chart at the beginning of this post shows a two year history for Chandler represented by two lines. The upper line shows the average $/sq.ft. for homes sold in Chandler during 2008 with a downward trend, the lower line represents 2009. Further down is the same chart for Gilbert homes sold during 2008 and then 2009. It may be difficult to predict the bottom of a market, but these two graphs show a definite stabilization of home prices in Gilbert and Chandler during 2009 with a upward trend for Chandler in the last 4 months.
These are averages for large cities so questions about specific neighborhoods or types of homes require a more detailed analysis. For questions about other cities in the Phoenix area, or a more in-depth look at specific areas within these two cities, e-mail me at GordonBaker@remax.net or call me.