For those of you who have been reading Doom since we started in June 2006, you know that the original intent was to track home prices in the Phoenix Southeast Valley, but things kind of snowballed. I have not however, lost interest in local prices, so here’s our monthly Gilbert update.
Thanks, as always, to local realtor Ron Wilczek, who faithfully posts market conditions for Gilbert, Arizona to Realty Times. He reports:
FEBRUARY ‘07 - 2,004 homes for sale; 247 sold (12.3%); 8.1 months inventory
avg. 2,114 sf - price $332,832 - on market 126 days - price per-sq ft $157
This month’s average price of $332,832 is down 4.6% from last month’s 349,451 and down 7.4% from last year’s $359,514. On a square foot basis prices dropped more- from last February’s $177/sq. ft. to $157/sq. ft. for a 11.3% decline. (The difference between the two percentages is due to an increase in the square footage of homes sold.)
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