Gilbert AZ Real Estate Housing Market Report - June 2023
The average sold price per square foot barely decreased this month even though the average sales price increased. The sold price per square foot decreased from $275/sf in May to $274/sf in June. The overall trend has been downward since July of 2022. The average sold price per square foot this month is now less than it was in June of 2022 by -$36/sf. This is the 7th month in a row the sold price per square foot has been lower than the same month the previous year, and that had not happened prior to that since before 2020.
Gilbert days on market has now decreased for 4 months in a row, going from 87 DOM in February to 44 DOM in June. The Gilbert DOM is now very close to where it was in June of 2019 and 2020. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were in 2021 and midway through 2022.
Things should be picking up in Arizona now that it is springtime, but the increase in mortgage interest rates are keeping Gilbert homeowners from listing their homes.
The number of new listings in Gilbert slightly increased again this month, making this the second increase in a row, going from 285 in April to 306 in June. This is still the lowest number of Gilbert listings in June over the last 5 years by a lot. The number of new Gilbert listings in June is now -50.8% lower than the number of new listings in June of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 9 months. Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 9 months, inventory has gone back down from a high of 1,050 in September of 2022 to 461 in June. As inventory has been decreasing this entire year, the number of active listings in Gilbert are now -33.6% lower than in June of last year.
Gilbert listings have almost caught up with demand and the rapid increase in home prices has started to level off due to the rising interest rates. Median home values in Gilbert have decreased an average of -5.5% since June of 2022 as mortgage interest rates remain around 6.70%. This is the 7th month in a row there has been a decrease in home values year-over-year. Prior to the last 7 months there was not a decrease in Gilbert home values in the same month year-over-year since before 2019. The demand for Gilbert housing this spring is still higher than the inventory of homes for sale.
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