Gilbert AZ Real Estate Housing Market Report - December 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 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.
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.