Gilbert AZ Real Estate Housing Market Report - January 2022
After increasing for three straight months, the average sales price of Gilbert homes has decreased to begin 2022. The average sales price of homes in Gilbert decreased from an all-time high of $629,298 in December to $583,321 in January. This is the first drop in the average sales price to start a new year since January of 2019.
After increasing the last two months, the average sold price per square foot of Gilbert homes decreased from $275/sf in December to $274/sf in January. This is just another sign that home values continue to increase, even as we end 2021. Although it is a small decrease, it is the second decrease in the last four months, after increasing for 15 straight months.
After increasing for six straight months, the Gilbert days on market remained the same in January as it was in December, sitting at 29 DOM. Gilbert DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
After increasing the last two months, the average sold price per square foot of Gilbert homes decreased from $275/sf in December to $274/sf in January. This is just another sign that home values continue to increase, even as we end 2021. Although it is a small decrease, it is the second decrease in the last four months, after increasing for 15 straight months.
After increasing for six straight months, the Gilbert days on market remained the same in January as it was in December, sitting at 29 DOM. Gilbert DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
Gilbert home sales dropped for the second straight month, decreasing from 352 in December down to 282 in January. Even with this decrease Gilbert home sales are only -2.8% lower than in January of 2021, as home sales always decline in the beginning of a new year. Home sales historically are the lowest in January due to the cyclical nature of the housing market, so this decrease is not usual. January home sales in Gilbert are higher than they were in January of 2019 (pre-pandemic) when they were 255.
The number of new listings in Gilbert increased in January after dropping the previous two months, going from 285 in December to 386 in January. It is typical to see new listings increase to start a new year, and the number of new Gilbert listings in January is actually 9.7% higher than the number of new listings in January 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 367 for January, down for the third 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 and have now decreased in January of the previous three years. Although listings decreased in January, active listings in Gilbert are higher than the same month as last year for the third month in a row, after being less than the same month as last year for 28 consecutive months (since June of 2019). There are 11.6% more homes for sale in Gilbert compared to January of 2021.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 29.1% since January of 2021. Mortgage interest rates have started to increase above 3.5%, but are still historically low, so there still should be more buyers in Gilbert looking to purchase homes in 2022.
The number of new listings in Gilbert increased in January after dropping the previous two months, going from 285 in December to 386 in January. It is typical to see new listings increase to start a new year, and the number of new Gilbert listings in January is actually 9.7% higher than the number of new listings in January 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 367 for January, down for the third 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 and have now decreased in January of the previous three years. Although listings decreased in January, active listings in Gilbert are higher than the same month as last year for the third month in a row, after being less than the same month as last year for 28 consecutive months (since June of 2019). There are 11.6% more homes for sale in Gilbert compared to January of 2021.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 29.1% since January of 2021. Mortgage interest rates have started to increase above 3.5%, but are still historically low, so there still should be more buyers in Gilbert looking to purchase homes 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.
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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