Gilbert AZ Real Estate Housing Market Report - May 2022
After decreasing in January, the average sold price per square foot of Gilbert homes has also increased for the fourth straight month, going from $299/sf in April to $305/sf in May. This is just another sign that home values continue to increase, as this is the 21st increase in the last 23 months.
After increasing or remaining the same for 10 months, between April of 2021 and February of 2022, Gilbert days on market has declined for the third straight month, going from 30 DOM in February down to 20 DOM for May. 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 increased for the third straight month after decreasing in February, going from 372 in February to 540 in May. With the increase in May, this is the highest number of new Gilbert listings since August of 2020. The number of new Gilbert listings in April is now 16.6% higher than the number of new listings in May of last year.
Even with home sales declining and home inventory increasing 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 493 for May, which is the second consecutive increase. Active listings are now 15.2% higher than in May of last year, but down 35.8% from May of 2020.
The lack of listings continues to drive demand and home prices higher, but there may be a shift coming. Median home values in Gilbert have increased an average of 25.0% since May of 2021. Mortgage interest rates are now around 5.25%, but are still historically low, so there should be more buyers in Gilbert looking to purchase homes as we head into the summer of 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.