Gilbert AZ Real Estate Housing Market Report - November 2022
After slightly increasing last month, the average sold price per square foot of Gilbert homes decreased in November, going from $282/sf in October to $273/sf in November. The trend over the last five months is downward, as the Gilbert housing market seems to be slowing.
After decreasing for 3 straight months, Gilbert days on market has now increased six months in a row, going from 20 DOM in May to 58 DOM in November. The Gilbert DOM has almost tripled in a few months. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were earlier in the year, and throughout 2021.
The number of new listings in Gilbert has now decreased the last five months after increasing for four straight months, going from 622 in June to 201 in November. With this decrease it is the lowest number of Gilbert listings over the last 4 years. The number of new Gilbert listings in November is now -38.9% lower than the number of new listings in November of last year.
Home inventory has been rising in Gilbert since March but has decreased in the last two months. Gilbert inventory has more than doubled since March even with the decline, as home sales have slowed, and home prices have been dropping. The number of active listings sits at 906 for November, which is a slight decrease from October (1,031). Active listings are now 81.6% higher than in November of last year.
Gilbert listings have caught up with demand and the rapid increase in home prices has now started to decline. Median home values in Gilbert have increased an average of 1.6% since November of 2021 as mortgage interest rates continue are still just above 6.5%. The Gilbert housing market is slowing as we head into the winter, which always signifies a slowdown in the housing market in Arizona.
For more detailed stats on the Gilbert Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.