Gilbert AZ Real Estate Housing Market Report - July 2023
The average sold price per square foot increased after barely decreasing last month. The sold price per square foot increased from $274/sf in June to $279/sf this month. 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 July of 2022 by -$25/sf. This is the 8th 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 5 months in a row, going from 87 DOM in February to 39 DOM in July. The Gilbert DOM is lower than it was in July of 2019 and just barely higher than in July of 2020. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were in 2021 and midway through 2022.
Things should start to slow a little in Gilbert now that we are nearing the end of summer and kids will be heading back to school in August. Plus, the increase in mortgage interest rates will continue to keep Gilbert homeowners from listing their homes.
The number of new listings in Gilbert decreased this month after increasing the previous two months, going from 306 in June to 223 in July. This is the lowest number of Gilbert listings in July over the last 5 years by a lot. The number of new Gilbert listings in July is now -59.9% lower than the number of new listings in July of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 10 months! Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 10 months, inventory has gone back down from a high of 1,050 in September of 2022 to 444 in July. As inventory has been decreasing this entire year, the number of active listings in Gilbert are now also -59.9% lower than in July of last year.
Gilbert listings have almost caught up with demand and the rapid increase in home prices has started to level off due to the rising interest rates. Median home values in Gilbert have decreased an average of -7.6% since July of 2022 as mortgage interest rates have topped 7.0%. This is the 7th month in a row there has been a decrease in home values year-over-year. Prior to the last 7 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 summer is lower, but still higher than the inventory of homes for sale.
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