Gilbert AZ Real Estate Housing Market Report - May 2023
The average sold price per square foot increased this month even though the average sales price decreased. The sold price per square foot increased from $271/sf in April to $275/sf in May. The overall trend has been downward since July of 2022. The average sold price per square foot this month is now less than it was in May of 2022 by -$30/sf. This is the 6th month in a row the sold price per square foot has been lower than the same month the previous year, and that had not happened prior to that since before 2020.
Gilbert days on market has now decreased for 3 months in a row, going from 87 DOM in February to 59 DOM in May. The Gilbert DOM is almost exactly 3 times as high as it was in May of 2022. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were in 2021 and midway through 2022.
Things should be picking up in Arizona now that it is springtime, but the increase in mortgage interest rates are keeping Gilbert homeowners from listing their homes.
The number of new listings in Gilbert slightly increased this month after slightly decreasing in April, going from 285 last month to 293 in May. This is the lowest number of Gilbert listings in May over the last 5 years. The number of new Gilbert listings in May is now -45.9% lower than the number of new listings in May of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 8 months. Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 8 months, inventory has gone back down from a high of 1,050 in September of 2022 to 513 in May. Even though inventory is decreasing, the number of active listings in Gilbert are still 1.8% higher than in May of last year.
Gilbert listings have caught up with demand and the rapid increase in home prices has now started to level off. Median home values in Gilbert have decreased an average of -10.9% since May of 2022 as mortgage interest rates remain around 6.25%. This is the 6th month in a row there has been a decrease in home values year-over-year. Prior to the last 6 months there was not a decrease in Gilbert home values in the same month year-over-year since before 2019. The demand for Gilbert housing this spring is still higher than the inventory of homes for sale.
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