Average Sales Price in Seville

Here’s some information on the Average Sales Price in Seville since January 2007 for resale homes. Here’s another one of my not-so-famous charts:

With exception of an average sales price spike in May and June of 2007 (as a result of three $1.5M+ homes selling), the average price in Seville Golf & Country Club in Gilbert is slowly declining.

The average difference between listing price and sales price in Seville was $14,417 over this fourteen month course with a maximum difference of $21,561 in June of 2007 and the lowest difference of $3,899 in April of 2007.

Over the course of the fourteen months it’s fairly obvious that the average sales price through the first three quarters of 2007 was around $425,000.  However, in the last quarter of 2007 and first two months of 2008, the average sales price begins to decline to near $325,000.  Although just a one month year-over-year example, February 2007 to February 2008 saw a $131,469 decline in average prices in Seville.  January’s year-over-year  decline was only $17,784.

It’s interesting that these trends in Seville mimic much of what the rest of the country is dealing with.  A recent study pointed out that prices in the Phoenix metroplex fell 18.2% for 2007.  For the month of January 2008, prices fell 4.1% compared to January 2007.  In Seville, prices fell 5.54% from January 2007 to January 2008.

Proposed Sites for Chandler Conference Center Revealed

In case you missed it, the Arizona Republic posted an article on a consultant’s recommendations for sites for a Chandler Conference Center. Three of the proposed sites are located in Historic Downtown Chandler or near it and the other three are located near Chandler Fashion Square.

My vote goes to one of the three sites near Historic Downtown Chandler. With the City of Chandler recently expressing the desire for mid-rise condos and office buildings south of Frye Road to the Loop 202, a Convention Center anywhere along this route would be fantastic for the area.

While the report mentions that the spot located on Arizona Avenue and Loop 202 is “least desirable” because a trolley system would need to cart people north to the square downtown – I think it would be an added attraction for the area similar to the trolley system in Old Town Scottsdale.

Read the article here.

Irish Pub Will Add To Downtown Chandler! (and Urban-Style Living too!)

There are many things that bring me joy in life.  One of them is an Irish Pub – Murphy’s Law Irish Pub.

For those of you who are unfamiliar with downtown Chandler or are new to the southeast valley, let me give you a brief and fairly uneducated history of historic downtown Chandler.

Just five to ten years ago, downtown Chandler was a semi-blighted area, especially the west side of Arizona Avenue where many historic building built in the early 1900’s stood.  Through a series of initiatives by Chandler City Council and private investment groups the area has sprung back to life.

My wife and I moved to Chandler just about two years ago and were intrigued with Kokopelli Bistro and Winery.  There were a few other small shops open but still a few boarded up areas on “the square.”  We also enjoyed 98 South Wine Bar and Kitchen.  The transformation over the past two years has been amazing.

With the addition of this Irish Pub, every shop on the main downtown Chandler square is now filled with tenants.  There are monthly evening art walks, art festivals, jazz festivals and more that keep the area exciting.  Additionally, urban-style living has sprung up and/or being built.

Historic Downtown Chandler will continue to evolve.  Recently, the Chandler  Planning Committee announced they are actively courting urban-style living concepts just south of the square which will add thousands of people over the next ten years to the area.

Number of Homes Sold in Seville

As promised, here is a quick look at the number of homes closed on each month since January 2007 in Seville Golf & Country Club in Gilbert, Arizona.

Over the fourteen month time period, the average number of homes sold within Seville was 13 per month.

• July of 2007 saw 23 homes closed (most closed).
• November 2007 and January 2008 saw 5 homes closed (least closed).

Chandler Jazz Festival

Don’t miss the Chandler Jazz Festival April 4, 5 and 6.

The event traditionally showcases some of Arizona’s best homegrown musical talent, complimented by evening performances featuring nationally known Jazz performers. As in past years, straight ahead modern jazz is the focus of the event, with additional performances highlighting the birthplace of jazz, New Orleans.

For more information and to get a schedule of events, read here.

Chandler Now 4th Largest Arizona City

It was recently announced that Chandler is now the 4th largest city in Arizona – behind Phoenix, Tucson and Mesa.

 In fact, Chandler hit a milestone of one-quarter of a million people!

Read about it here.

Average Days on Market in Seville

In my continuing analysis of Seville Golf & Country Club in Gilbert, Arizona … I’ve done an analysis of the average days on the market for resale homes. Here’s the graph for you visual people out there (including myself!):

The good news, for sellers, is that the average days on the market, after experiencing a slight spike in late 2007, is on the way down. The spike in November 2007 was due to one house being on the market for well over a year and only 5 sales during that month.

Most likely, the reason for this is due to sellers selling at more realistic prices. The average days on the market for resale homes went from averaging near 180 in early 2007 to now averaging right around 120 days.

As prices continue to stabilize, I’d expect the days on market to continue to drop as well! Later today or tomorrow I’ll post recent pricing trends as well as the number of properties sold during the same time period.

See you next time!

Seville Price Per Square Foot Analysis

I looked at the price per square foot for all homes that sold (and closed) since January 2007 in Seville Golf & Country Club in Gilbert, Arizona. I did this for my own information so I can make an educated offer when my wife purchase a home early next year.

The graph below shows the price per square foot average for each month and the overall downward trend in pricing …

The overall trend, as mentioned, is downward.  This data includes all homes at all price ranges within Seville.

January 2007’s price per square foot was at $159.31 and in January 2008 the price per square foot had dropped to $148.73.  The current price – with data through 2/29/2008 – is at $140.59.

From January 2007 thru February 2008, the price per square foot has dropped 13%.

Does this mean buyers should hold off on purchasing in Seville?  The answer, of course, depends on why a buyer is purchasing.  If a buyer is purchasing property in Seville to live in for years to come – then now is a great time to buy.  With current mortgage interest rates at continued record lows but inflationary pressure increasing in the U.S. economy, interest rates are predicted to go up over the next six to twelve months.  How far?  Who knows, probably not more than a percentage point or two over the next year.  On the high end of that scale – 2 percentage points – would mean an additional $400 a month based on current rates on a 30-Year fixed mortgage on a $300,000 loan.  Prices would have to come down much more than they likely are to to make up for that interest rate difference (in fact, they’d have to come down by $55,000+ based on this example of a $300,000 home (assuming 100% financing for simplicity)).

Prices will continue to decline in Seville, Gilbert and much of the Phoenix valley over the next year but for those who are planning on making a community like Seville their home for five or more years – it’s a great time to take advantage of a wide variety of inventory in the resale market and very competitive pricing in new homes while also locking in record-low mortgage rates.

Seville Home Search – Updated Daily

For those of you interested in Seville Golf & Country club, I have set up a webpage that constantly updates listings with Seville.  I’ve set up searches based on a wide range of criteria.  Check it out here. 

Current Data for Seville Listings

Before I give my review/tour of Seville I thought I’d post a link that gives readers a detailed look at homes available in Seville Golf & Country Club in Gilbert, Arizona. I’ve divided the search into many different parts, but as of today, there are a total of 147 resale homes available in Seville Golf & Country Club.Of those 147:

• 18 are pending – meaning that they have accepted offers and are in the process of closing.
• 3 are “active with contingencies” – meaning they have an offer but the offer has not necessarily been accepted by the seller yet.
• The price range is $184,900 – $2,700,000.
• Square footage ranges from 1215 to 8490 and happen to correlate with the low and high prices above.

Here are some interesting statistics for Seville in terms of pricing. These statistics indicate that many sellers are still trying to sell their home above market value. Remember, sellers don’t dictate pricing in real estate – buyers do!

• 125 days – The average “Days on Market” in Seville Golf & Country Club for the 126 homes currently active and on the market.
• $158.56 – The average price per square foot for these active listings.
• 87 days – The average “Days on Market” for the 18 homes currently “pending” in the MLS in Seville.
• $146.54 – The average price per square foot for these pending listings.

What can we deduce from these statistics? This raw data shows that homes that a priced around $146 a square foot are selling quicker. Keep in mind, this data is for all of Seville and there are certainly submarkets within the community. Homes priced higher are on the market significantly longer.Today’s market is difficult for sellers – especially those facing foreclosure or wanting to get the amount of money they paid for their home two or three years ago. The cold, hard facts are that prices have significantly dropped – especially in areas like Seville that are on the fringe of the Phoenix metroplex.It’s imperative that sellers understand that because buyers know it! Price your home “slightly below the price trends” and you’ll sell your home quicker and for more money. How can I say “more money?” Let me give you an example:

The Smith Family has decided to sell their home in Seville Golf & Country Club due to a job transfer to New York. Mr. and Mrs. Smith decide use a real estate agent to sell their home. Their agent looks at their home, brings a list of homes that are comparable to the Smith’s property and recommends a price accordingly. Based on the current active listings and the recently sold or pending listings, their agent recommends a price of $350,000.The Smiths are taken aback by this recommendation (based on the facts). They purchased their home for $384,000 a year and a half ago in the fall of 2006. The Smiths want to get at least $384,900 for their property. Going against their agent’s recommendation of $360,00 they choose a price of $399,900. This will allow them to sell their home and make a little money to pay for moving.Their agent creates an amazing webpage for their property complete with a virtual tour and slideshow of the property and the community. He has professional flyers created. He places the home on multiple websites for exposure. 45 days later there are no “bites” on the property. The website has been visited but buyers have not jumped on the opportunity to view the home in person.The Smiths tell their agent to drop the price to $389,000. 30 days later, no bites.The Smiths drop their price to $369,000. Afterall, Mr. Smith has moved to New York while Mrs. Smith and baby Smith stayed behind until their Seville property sold. It’s now been 75 days – or 2.5 months – since their property was place on the MLS and marketed to the public.15 more days pass and the Smith’s property saw just one showing since the fairly aggressive $20,000 price drop from $389K to $369K. It’s now been 90 days since the property was put on the market.In those three months, the market value of the Smith’s property went from their agent’s recommendation of $360,000 to $345,000. The Smith’s are upset because they’ve invested three more months of mortgage payments while also paying for a short-term rental in New York.The Smith’s agent shows them the most recent statistics for Seville and recommends a price of $339,000 to sell soon. An identical floorplan happens to also be on the market with very similar features for $349,000 but has been on the market for 65 days.The Smiths decide to take their agent’s recommendation and drop the price to $339,000 – a $30,000 price drop. The home is shown five times in the next twenty days and the Smith’s receive a fair offer of $335,000.Had the Smiths taken their agent’s recommendation of $360,000 over 100 days ago the property may have sold in the $350s within a thirty to sixty days. But because they chose to “test the market” or “get what they paid for it two years ago,” they actually sold it for less than they could have.Moreover, they spent more money on interest on their mortgage (although they did build a little equity).

Anyway, I hope to continue to provide data like this and more detailed data for the different submarkets within Seville Golf & Country Club in Gilbert, Arizona.