Gilbert AZ Real Estate Housing Market Report - March 2022
After decreasing in January, the average sold price per square foot of Gilbert homes also increased for the second straight month, from $285/sf in February to $289/sf in March. This is just another sign that home values continue to increase, as this is the 19th increase in the last 21 months.
After increasing or remaining the same for the last 10 months, dating back to April of 2021, Gilbert days on market saw a drop from 30 last month down to 23 DOM for March. This is a sign that there seems to be no slowing down in the Gilbert housing market. The Gilbert DOM is extremely low, which means that homes in Gilbert Arizona are still selling very fast!
The number of new listings in Gilbert saw another increase in March after decreasing the previous month, going from 372 in February to 445 in March. It is typical to see new listings increase in March, but next month's new listing data will tell us a lot about the Gilbert housing market heading into the high buying season. The number of new Gilbert listings in March is still -7.5% lower than the number of new listings in March 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 343 for March, down for the fifth straight month, and down from the 2021 high of 529 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 February and March both saw a decline in Gilbert home inventory. Active listings are now -6.0% lower than in March of last year.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 26.8% since March of 2021. Mortgage interest rates have started to increase above 4.25%, but are still historically low, so there 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.