Gilbert AZ Real Estate Housing Market Report - January 2023
After increasing last month, the average sold price per square foot of Gilbert homes slightly decreased in January, going from $274/sf in December to $263/sf to begin the new year. The sold price per square foot has decreased in 5 of the last 7 months. The overall trend is 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 January of 2022 by -$11/sf. This is the second month in a row this has happened, and it had not happened prior to that before 2020.
After decreasing for 3 straight months, Gilbert days on market has now increased for 8 months in a row, going from 20 DOM last May to 79 DOM in January. The Gilbert DOM has almost quadrupled in that time. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were in 2021 and midway through 2022.
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 greater 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 shot up to start the new year after decreasing the previous six months, going from 144 in December to 290 in January. Even with this increase, this is the lowest number of Gilbert listings in January over the last 5 years. The number of new Gilbert listings in January is now -26.0% lower than the number of new listings in January of last year.
Home inventory increased in Gilbert between March and September but has decreased the last 4 months. Gilbert inventory almost tripled between March and September, but after declining over the last 4 months has gone back down from a high of 1,046 in September to 678 in January. Home sales have slowed, and home prices have been dropping, causing fewer homeowners to list their homes. The number of active listings in Gilbert are 77.5% higher than in January 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 decreased an average of -1.1% since January of 2022 as mortgage interest rates remain just below 6.5%. This is the first decrease in home values since before 2019. The Gilbert housing market is slowing as we begin 2023, which is typically the slowest time of the year for the housing market in Arizona.
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