What is Really Going on in Arizona’s South East Valley Housing Market?

While the Phoenix-metro housing market may not be as sizzling hot as it's summer days, it may not be as bleak as many of the commentaries try to portray. With the addition of jobs, improved roadways and great schools, many people continue to be lured to the valley of the sun, to places such as the Southeast Valley cities of Gilbert and Chandler, Arizona.

Chandler/Gilbert, AZ (PRWEB) September 16, 2006 -- Southeast Valley cities, Gilbert, Arizona and Chandler, Arizona are two of the fastest growing cities in the country, and according to the census bureau, are first and fourth fastest respectively as percentage growth.

This year has seen the completion of the loop 202 freeway, a milestone making the commute from Gilbert and Chandler to the International Phoenix airport a breeze. New retail and business developments have been keeping up with the record growth pace with many new amenities springing up around the area. This is particularly evident in the southern-most portions of these cities, which have seen tremendous growth as rural areas become absorbed into the urban sprawl. Needless to say, local residents have seen many corn fields turn into modern master planned communities.

There is a great deal of appeal to both Gilbert and Chandler for residents both new and existing. Residents of the area are able to lap up the abundant sunshine that the valley has to offer, with these cities boasting some of the highest number of sunny days in the nation at an average of around 300 days per year. Both cities sit within Maricopa county, which in April and May of this year alone, added over 24,000 jobs, bringing the unemployment rate down to 3.4% across the county. This means the area needs more workers and therefore more families likely will follow. With numerous high performing schools, many of these families are choosing Gilbert or Chandler as their home.

Between the two cities, there is a diverse housing market with listing prices starting at $110k's and going all the way up to in excess of $11 Million. In 2005, the local housing market spiked with unsustainable price increases fueled in part by the many investors who jumped into the market trying to make a quick profit. When the investors could see a slow down in their monthly growth and read some of the doom and gloom articles in the media, many homes flooded the market. With the additional homes to choose from, the market is now more favorable to the buyer with around an eight month supply of homes currently on the market.

While selection is better for buyers, they now need to pay a higher price for their homes owing to the continued and steady appreciation in 2006 compounded by previous rapid growth. From the first to the second quarter in 2006, Gilbert has seen an average of a 1.5% increase and Chandler has seen an average of a 4% increase. While not the double digit increases seen in 2005, the more sustainable increases mean that buyers still have a chance to leap into the market. With the increased number of homes on the market, most buyers now don't have to engage in bidding wars, and in fact can find a number of incentives being offered. Ultimately, working with an agent knowledgeable on the locale, with a number of strategies can ease the stresses of the buying and selling process.

Written by.
Angela Thornton PLLC
Mynextazrealtor.com

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