Gilbert AZ Real Estate Housing Market Report - December 2021
The average sales price of Gilbert homes has increased for the third straight month, after fluctuating up and down every other month between June and September. The average sales price of Gilbert homes increased from $594,358 in October, to a new all-time high of $629,443 for December. After dropping for the first time in 16 months, the average sold price per square foot of homes in Gilbert has increased the last two months, from $268/sf in November to $275/sf in December. This is just another sign that home values continue to increase, even as we end 2021.
The days on market in Gilbert increased for the sixth straight month, from 19 DOM in June to 30 DOM in December. Even though this is the seventh increase in the last eight months, the DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
The days on market in Gilbert increased for the sixth straight month, from 19 DOM in June to 30 DOM in December. Even though this is the seventh increase in the last eight months, the DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
After a nice increase in November up to 424, Gilbert home sales dropped down to 354 in December. With this decrease Gilbert home sales are now -19.0% lower than in December of 2020. Home sales typically drop off towards the end of the year due to the cycle of the housing market slowing down, so this decrease is not usual. Also, sales are significantly lower than last year, and I believe it is partially due to the lack of inventory.
The number of new listings in Gilbert dropped for the second straight month, going from 329 in November to 283 in December. New listings have fluctuated up and down each month since March of this year, and this is the first consecutive decline since November and December of last year. This is the lowest number of new listings all year, but it is typical for listings to decline towards the end of the year. The number of new listings for December are actually 5.2% higher than the number of new listings in December 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 377 for December, down for the second straight month, and down from 526 in October. This is the first back-to-back drop in Gilbert inventory Since December of 2020 and January of this year, but this is typical during the last couple of months of the year. Although listings dropped in December, active listings in Gilbert are higher than the same month as last year for the second time in a row, after being less than the same month last year for 28 consecutive months (since June of 2019). There are 3.3% more homes for sale in Gilbert compared to December of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 25.6% since December of 2020. Mortgage interest rates have started to increase above 3.3%, but are still historically low, so there still should be more buyers in Gilbert looking to purchase homes heading into 2022.
The number of new listings in Gilbert dropped for the second straight month, going from 329 in November to 283 in December. New listings have fluctuated up and down each month since March of this year, and this is the first consecutive decline since November and December of last year. This is the lowest number of new listings all year, but it is typical for listings to decline towards the end of the year. The number of new listings for December are actually 5.2% higher than the number of new listings in December 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 377 for December, down for the second straight month, and down from 526 in October. This is the first back-to-back drop in Gilbert inventory Since December of 2020 and January of this year, but this is typical during the last couple of months of the year. Although listings dropped in December, active listings in Gilbert are higher than the same month as last year for the second time in a row, after being less than the same month last year for 28 consecutive months (since June of 2019). There are 3.3% more homes for sale in Gilbert compared to December of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 25.6% since December of 2020. Mortgage interest rates have started to increase above 3.3%, but are still historically low, so there still should be more buyers in Gilbert looking to purchase homes heading into 2022.
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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