Gilbert AZ Real Estate Housing Market Report - April 2023
The average sales price of Gilbert homes has increased for two months in a row, going from $589,315 in February to $648,835 this month. This is the second April in a row that sales prices in Gilbert have increased.
After increasing in March, the average sold price per square foot decreased this month. The sold price per square foot decreased from $273/sf in March to $271/sf in April. The overall trend has been downward since June of 2022. The average sold price per square foot this month is now less than it was in April of 2022 by -$28/sf. This is the 5th 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 two months in a row, going from 87 DOM in February to 72 DOM in April. The Gilbert DOM is more than 3 times as high as it was in April 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.
After increasing in March, the average sold price per square foot decreased this month. The sold price per square foot decreased from $273/sf in March to $271/sf in April. The overall trend has been downward since June of 2022. The average sold price per square foot this month is now less than it was in April of 2022 by -$28/sf. This is the 5th 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 two months in a row, going from 87 DOM in February to 72 DOM in April. The Gilbert DOM is more than 3 times as high as it was in April 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.
After seeing an increase in Gilbert home sales for two straight months, home sales decreased this month, going from 327 in March to 291 in April. With this decrease, Gilbert home sales are still -1.3% lower than in April of 2022. April home sales in Gilbert are significantly lower than they have been in April over the last 5 years, including when we were going through the Covid-19 pandemic.
The number of new listings in Gilbert slightly decreased this month after increasing in March, going from 294 last month to 284 in April. This is the lowest number of Gilbert listings in April over the last 5 years. The number of new Gilbert listings in April is now -38.0% lower than the number of new listings in April of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 7 months. Gilbert inventory almost tripled between March and September, but after declining over the last 7 months, inventory has gone back down from a high of 1,049 in September of 2022 to 563 in April. Even though inventory is decreasing, the number of active listings in Gilbert are still 43.3% higher than in April 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 -8.5% since April of 2022 as mortgage interest rates remain around 6.25%. This is the 4th month in a row there has been a decrease in home values year-over-year. Prior to the last 4 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.
The number of new listings in Gilbert slightly decreased this month after increasing in March, going from 294 last month to 284 in April. This is the lowest number of Gilbert listings in April over the last 5 years. The number of new Gilbert listings in April is now -38.0% lower than the number of new listings in April of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 7 months. Gilbert inventory almost tripled between March and September, but after declining over the last 7 months, inventory has gone back down from a high of 1,049 in September of 2022 to 563 in April. Even though inventory is decreasing, the number of active listings in Gilbert are still 43.3% higher than in April 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 -8.5% since April of 2022 as mortgage interest rates remain around 6.25%. This is the 4th month in a row there has been a decrease in home values year-over-year. Prior to the last 4 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.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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