Gilbert AZ Real Estate Housing Market Report - August 2021
The average sales price of Gilbert homes continues to fluctuate up and down almost every other month. After increasing by over $16,000 in June the average sales price decreased by over $16,000 in July. Then in August, it bounced back up to new all-time high of $600,285. At the same time, the price per square foot has continued to climb for the 14th month in a row, and is now up to $256/sf.
The days on market in Gilbert increased for the second straight month, from 19 in June, to 20 in July, and now 22 DOM in August. This is the third increase in the last four months, but the DOM is still extremely low, and means that homes in Gilbert Arizona are selling very fast!
The days on market in Gilbert increased for the second straight month, from 19 in June, to 20 in July, and now 22 DOM in August. This is the third increase in the last four months, but the DOM is still extremely low, and means that homes in Gilbert Arizona are selling very fast!
Gilbert home sales decreased for the second straight month, from 427 in July to 387 for August, and are -27.1% lower than in August of last year. I believe much of this still has to do with the lack of homes available for sale. Also, this is the time of year that home sales typically decrease due to the seasonality of home sales as the summer comes to an end. This is the lowest number of Gilbert home sales for August in the last four years.
The number of new listings increased to 515 for August, after decreasing to 475 in July. We have seen an increase in new listings for August in two of the last three years, so this is not unusual. This is typically the last-ditch effort of some home owners to get their home sold before fall. At 515, the number of new listings is only -4.8% less than the number of new listings in August of last year.
There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. The number of active listings sits at 843 for August. While continuing to increase since May, active listings in Gilbert still remain lower than last year. Although the amount is getting closer each month, there are still -5.0% fewer homes for sale in Gilbert compared to August of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 33.8% since August of 2020. With interest rates still hovering around 3.0%, there should be more buyers looking to purchase throughout the remainder of 2021.
The number of new listings increased to 515 for August, after decreasing to 475 in July. We have seen an increase in new listings for August in two of the last three years, so this is not unusual. This is typically the last-ditch effort of some home owners to get their home sold before fall. At 515, the number of new listings is only -4.8% less than the number of new listings in August of last year.
There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. The number of active listings sits at 843 for August. While continuing to increase since May, active listings in Gilbert still remain lower than last year. Although the amount is getting closer each month, there are still -5.0% fewer homes for sale in Gilbert compared to August of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 33.8% since August of 2020. With interest rates still hovering around 3.0%, there should be more buyers looking to purchase throughout the remainder of 2021.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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