Gilbert AZ Real Estate Housing Market Report - February 2022
After decreasing last month, the average sold price per square foot of Gilbert homes increased from $274/sf in January to $285/sf in February. This is just another sign that home values continue to increase, as this is the 18th increase in the last 20 months.
The Gilbert days on market has increased or remained the same for the last 10 months, dating back to April of 2021, when it reached an all-time low of 16 DOM. The DOM for Gilbert has gone from 29 in January up to 30 for February. Even with this increasing trend the Gilbert DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
The number of new listings in Gilbert decreased in February after increasing the previous month, going from 391 in January to 366 in February. It is typical to see new listings in February decrease, but then increase throughout the spring, so next month's new listing data will tell us a lot about the housing market for this spring. The number of new Gilbert listings in February is actually -1.3% lower than the number of new listings in February 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 374 for February, down for the fourth straight month, and down from the 2021 high of 528 in October. Active listings always tend to start off low to begin a new year, but typically increase in February to kick-off the new housing season. This is the first year since before 2018 that this did not happen.
Although listings decreased in February, active listings in Gilbert are higher than the same month as last year for the fourth month in a row. There are 11.3% more homes for sale in Gilbert compared to February of 2021.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 27.8% since February of 2021. Mortgage interest rates have started to increase above 4.0%, but are still historically low, so there still should be more buyers in Gilbert looking to purchase homes early on in 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.