Gilbert AZ Real Estate Housing Market Report - March 2023
The average sales price of Gilbert homes increased in March after decreasing for two months in a row, going from $589,315 in February to $629,295 this month. This is the third February in a row that sales prices in Gilbert have increased. However, this is only the second time sales prices in Gilbert have increased in the last 10 months.
After remaining the same as January last month, the average sold price per square foot of Gilbert homes increased in March. The sold price per square foot increased from $263/sf in February to $273/sf in March but has only increased or remained the same in 5 of the last 10 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 March of 2022 by -$16/sf. This is the 4th month in a row the sold price per square foot has been lower than the same month the previous year, and it had not happened prior to that since before 2020.
After increasing for 9 straight months, Gilbert days on market decreased this last month, going from 87 DOM in February to 77 DOM in March. The Gilbert DOM is more than 3 times as high as it was in March of 2022. 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.
After remaining the same as January last month, the average sold price per square foot of Gilbert homes increased in March. The sold price per square foot increased from $263/sf in February to $273/sf in March but has only increased or remained the same in 5 of the last 10 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 March of 2022 by -$16/sf. This is the 4th month in a row the sold price per square foot has been lower than the same month the previous year, and it had not happened prior to that since before 2020.
After increasing for 9 straight months, Gilbert days on market decreased this last month, going from 87 DOM in February to 77 DOM in March. The Gilbert DOM is more than 3 times as high as it was in March of 2022. 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.
Gilbert home sales saw an increase for the second straight month, going from 150 in January to 326 in March. With this increase, Gilbert home sales are still -26.6% lower than in March of 2022. March home sales in Gilbert are significantly lower than they have been in March over the last 5 years, including when we were going through the Covid-19 pandemic.
The number of new listings in Gilbert increased this month after decreasing in February, going from 261 last month to 294 in March. This is still the lowest number of Gilbert listings in March over the last 5 years. The number of new Gilbert listings in March is now -34.1% lower than the number of new listings in March of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 6 months. Gilbert inventory almost tripled between March and September, but after declining over the last 6 months, inventory has gone back down from a high of 1,049 in September of 2022 to 599 in March. Even though inventory is decreasing, the number of active listings in Gilbert are still 67.9% higher than in March of last year.
Gilbert listings have caught up with demand and the rapid increase in home prices has now started to level off. Median home values in Gilbert have decreased an average of -10.7% since March of 2022 as mortgage interest rates remain around 6.25%. This is the 3rd month in a row there has been a decrease in home values year-over-year. Prior to the last 3 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.
The number of new listings in Gilbert increased this month after decreasing in February, going from 261 last month to 294 in March. This is still the lowest number of Gilbert listings in March over the last 5 years. The number of new Gilbert listings in March is now -34.1% lower than the number of new listings in March of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 6 months. Gilbert inventory almost tripled between March and September, but after declining over the last 6 months, inventory has gone back down from a high of 1,049 in September of 2022 to 599 in March. Even though inventory is decreasing, the number of active listings in Gilbert are still 67.9% higher than in March of last year.
Gilbert listings have caught up with demand and the rapid increase in home prices has now started to level off. Median home values in Gilbert have decreased an average of -10.7% since March of 2022 as mortgage interest rates remain around 6.25%. This is the 3rd month in a row there has been a decrease in home values year-over-year. Prior to the last 3 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.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. 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]
 |  |  |
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.
RSS Feed
