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Have you read the headlines about the record-breaking housing market in Arizona? Here’s a few from the past week. I’m Brandy Aguirre, real estate advisor with Engle & Völkers. In this video I’ll be giving you the July 2021 housing market recap for Gilbert Arizona.

• In July, the average sales price in Gilbert was $586,289. This is a $151k or 34% increase over July 2020.
• The average time a home sat on the market before it sold was 19 days. This means homes sold twice as fast this year compared to the 38 days it took to sell a home last year.
• The most expensive home sold in Gilbert in July was $1,949,000.
• As for inventory, the goal during a balanced market is to have between 3-6 months of inventory available. In July, we had about 27 days’ worth of inventory available in Gilbert. That’s an increase of 13% over last year and a pretty big jump from the 12 days of inventory we had back in February.
• There were 441 homes sold in July, down about 27% from last year. As you can see from the growth in home values, this is certainly a supply issue, not a demand issue.
• Lastly, and possibly most important, is what’s to come. The Cromford Report tracks housing market data in the Greater Phoenix area. With this data we can PROJECT, not predict, but PROJECT what the housing market may look like in the future.
• The Cromford Market Index is based on supply and demand and just for background, in a balanced market the Cromford Market Index, or CMI, would fall somewhere between 90-110. In a buyers’ market, the CMI would be below 90. And in a sellers’ market the CMI would be above 110.
• As of this week, we have a CMI of 365. We are most certainly in a seller’s market. With that said, Back in March we had a CMI of 514 and have been falling each month since then. Slowly but surely, we are making our way to a balanced market.
• As for Gilbert specifically, The Cromford Report projects balance to fall somewhere around September or October of this year. This means that we may see more homes hit the market.
• If you found any of this information helpful, please like and subscribe to my channel. I’ll be sharing tips for buying or selling a home, local highlights and future market updates.
• Thank you so much for watching!

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