Gilbert AZ Real Estate Housing Market Report - August 2022
After increasing for five straight months, the average sold price per square foot of Gilbert homes has decreased for the second straight month, going from $310/sf in June to $293/sf in August. Even though it decreased, the average sold price per square foot in Gilbert has increased in 22 of the last 26 months, but again it seems like the market is changing.
After decreasing for 3 straight months, Gilbert days on market has increased three months in a row, going from 20 DOM in May to 38 DOM in August. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling fast.
The number of new listings in Gilbert has now decreased the last two months after increasing for four straight months, going from 622 in June to 461 in August. With this decrease it is the lowest number of Gilbert listings in August over the last 3 years. The number of new Gilbert listings in August is now -11.0% lower than the number of new listings in August of last year.
Home inventory in Gilbert seems to be catching up with demand, and that will help home prices slow down their rapid climb over the last two years. The number of active listings sits at 1,035 for August, which is the fifth consecutive monthly increase. Active listings are now 96.8% higher than in August of last year, and higher than they have been since April of 2019.
The lack of listings continues to drive demand and home prices higher, but that seems to be changing. Median home values in Gilbert have increased an average of 11.2% since August of 2021. Mortgage interest rates are now hovering around 5.5%, but are still historically low, however, the market is slowing, and we are heading into the fall 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.