Gilbert AZ Real Estate Housing Market Report - December 2022
After decreasing last month, the average sold price per square foot of Gilbert homes slightly increased in December, going from $273/sf in November to $274/sf in December. The overall trend over the last six months is still downward, as the Gilbert housing market seems to be slowing. The average sold price per square foot this month is now less than it was in December of 2021. This is the first time this has happened since at least before 2020.
After decreasing for 3 straight months, Gilbert days on market has now increased for seven months in a row, going from 20 DOM in May to 65 DOM in December. The Gilbert DOM has more than tripled in that time. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were earlier in the year, and throughout 2021.
This is the slowest time of season for the housing market in Arizona, but the home value increases from 2020 through the first half of 2022, plus the increased inventory of homes for sale and the increase in mortgage interest rates have also contributed to the slowdown in the Gilbert housing market.
The number of new listings in Gilbert has now decreased the last six months after increasing for four straight months, going from 622 in June to 144 in December. With this decrease, it is the lowest number of Gilbert listings over the last 5 years. The number of new Gilbert listings in December is now -49.5% lower than the number of new listings in December of last year.
Home inventory has been rising in Gilbert since March but has decreased in the last three months. Gilbert inventory has more than doubled since the inventory of 353 in March, even with the decline over the last 3 months. Home sales have slowed, and home prices have been dropping, causing fewer homeowners to list their homes. The number of active listings sits at 731 for December. Active listings are now 85.5% higher than in December of last year.
Gilbert listings have caught up with demand and the rapid increase in home prices has now started to decline. Median home values in Gilbert have increased an average of just 1.7% since December of 2021 as mortgage interest rates remain around 6.5%. The Gilbert housing market is slowing as we head into the new year, which always signifies a slowdown in the housing market in Arizona.
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