Gilbert AZ Real Estate Housing Market Report - May 2022
The average sales price of Gilbert homes has increased for the fourth month in a row, going from $701,995 in April to $719,659 for May, and reaching a new all-time high. Average sales prices in Gilbert have increased in 21 out of the last 25 months.
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!
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!
After increasing in February and March, home sales in Gilbert saw a significant decline in April and May, going from 444 in March down to 350 in May. With this decrease, Gilbert home sales are now -20.5% lower than in May of 2021. This is the time of year when home sales typically increase as we head into the high buying season. May home sales in Gilbert are lower than they were in May of the last three years, including when we were going through the Covid-19 pandemic.
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.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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]
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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.
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