Gilbert Arizona Home Market Analysis

November 2008

Status	# Listings		List Price	Sold Price	Sale/List Price	Approx SQFT	List Price Per Approx SQFT	Sold Price Per Approx SQFT	Days On Market
Closed	219	Low Avg High	129,900 254,522 849,900	125,000 248,453 723,000	96% 98% 85%	983 2,318 5,816	67.52 111.94 233.73	59.73 109.61 224.13	-10 78 580

For November 2008 Gilbert Arizona had a total of 219 single-family residential homes sold with an average time on the market of 78 days. The average sales price of a home in Gilbert Arizona for this period was $248,453 with an average square footage of 2,318. Average sales price was down from October 2008 for Gilbert Arizona.

October 2008

Status	# Listings		List Price	Sold Price	Sale/List Price	Approx SQFT	List Price Per Approx SQFT	Sold Price Per Approx SQFT	Days On Market
Closed	292	Low Avg High	108,900 277,022 1,585,000	120,000 269,791 1,570,000	1% 97% 99%	1,086 2,351 6,211	59.50 116.79 261.97	71.75 114.48 252.78	-44 83 599

Gilbert History

In 1902, the Arizona Eastern Railway was asking for donations of right of way in order to establish a rail line between Phoenix Arizona and Florence Arizona. A rail siding was established on property owned by William “Bobby” Gilbert. The siding and the town that sprung up around it eventually became known as Gilbert Arizona.

Because of the area’s rich land, Gilbert Arizona became a center for growing and shipping cattle, sheep, dairy products, grains, melons, cotton, and alfalfa hay. During World War I, the cavalry needed an ever-increasing amount of alfalfa to feed their horses. Gilbert Arizona helped supply their need, becoming known as the Hay Shipping Capital of the World.

In 1920, the town’s 500 citizens incorporated, and Gilbert Arizona was officially born. Over the next 50 years growth was slow-to-moderate. Then, beginning in 1980, Gilbert experienced a population boom. In the last decade and a half, Gilbert has grown at a pace unparalleled by most communities in the United States, increasing population from 5,717 in 1980 to approximately 145,000 in July 2003.