Gilbert, AZ – Real Estate Market Data – November 2012
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November Property sales were 427, up 8.1% from 395 in November of 2011 and 7.8% higher than the 396 sales last month. November 2012 sales were at their highest level compared to November of 2011 and 2010. November YTD sales of 4,586 are running 9.5% behind last year’s year-to-date sales of 5,065.
The Median Sales Price in November was $210,000, up 23.5% from $170,000 in November of 2011 and equal to $210,000 last month. The Average Sales Price in November was $232,905, up 20.6% from $193,080 in November of 2011 and down 2.5% from $238,882 last month. November 2012 ASP was at the highest level compared to November of 2011 and 2010.
Inventory & MSI
The Total Inventory of Properties available for sale as of November was 887, up 0.6% from 882 last month and down 13.8% from 1,029 in November of last year. November 2012 Inventory was at its lowest level compared with November of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2012 MSI of 2.1 months was at its lowest level compared with November of 2011 and 2010.
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for November was 31, down 13.9% from 36 days last month and down 46.6% from 58 days in November of last year. The November 2012 DOM was at its lowest level compared with November of 2011 and 2010.
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Copyright © Coldwell Banker Residential Brokerage – Data is provided courtesy of Arizona Regional Multiple Listing Service, Inc.; Tucson Association of Realtors and Prescott Area Association of Realtors and may not reflect all relevant real estate activity. Coldwell Banker Residential Brokerage does not guarantee the accuracy of this information. It is the responsibility of any buyer or seller to verify any and all information relevant to such consumer’s real estate transaction.