Gilbert AZ Real Estate Housing Market Report - February 2023
After decreasing last month, the average sold price per square foot of Gilbert homes remained the same between January and February, at $263/sf. The sold price per square foot has decreased or remained the same in 6 of the last 8 months. The overall trend is downward as the Gilbert housing market seems to be slowing. The average sold price per square foot this month is now less than it was in February of 2022 by -$23/sf. This is the third month in a row this has happened, and it had not happened prior to that since before 2020.
After decreasing for 3 straight months, Gilbert days on market has now increased for 9 months in a row, going from 20 DOM last May to 87 DOM in February. The Gilbert DOM has almost quadrupled in that time. 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 as we near spring, but home values are trending downward, and the increase in mortgage interest rates are both contributing to the slowdown in the Gilbert housing market.
The number of new listings in Gilbert decreased this month after increasing in January, going from 294 last month to 259 in February. This is the lowest number of Gilbert listings in February over the last 5 years. The number of new Gilbert listings in February is now -30.4% lower than the number of new listings in February of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 5 months. Gilbert inventory almost tripled between March and September, but after declining over the last 5 months, inventory has gone back down from a high of 1,046 in September to 655 in February. Home prices have been dropping and interest rates are rising, causing fewer homeowners to list their homes. Even though inventory is decreasing, the number of active listings in Gilbert are still 71.9% higher than in February 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 decreased an average of -8.3% since February of 2022 as mortgage interest rates remain just below 7.0%. This is the second decrease in home values year-over-year since before 2019. The Gilbert housing market is slowing as we enter the spring, so we will have to wait and see if the Arizona housing market picks up.
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