Gilbert AZ Real Estate Housing Market Report - May 2023
The average sales price of Gilbert homes has decreased this month after increasing the last two months, going from $648,835 in April to $631,196 this month. This is the first time over the last 5 years that Gilbert sales prices in May have decreased.
The average sold price per square foot increased this month even though the average sales price decreased. The sold price per square foot increased from $271/sf in April to $275/sf in May. 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 May of 2022 by -$30/sf. This is the 6th 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 3 months in a row, going from 87 DOM in February to 59 DOM in May. The Gilbert DOM is almost exactly 3 times as high as it was in May 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.
The average sold price per square foot increased this month even though the average sales price decreased. The sold price per square foot increased from $271/sf in April to $275/sf in May. 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 May of 2022 by -$30/sf. This is the 6th 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 3 months in a row, going from 87 DOM in February to 59 DOM in May. The Gilbert DOM is almost exactly 3 times as high as it was in May 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 seeing a decrease in Gilbert home sales last month, home sales in Gilbert increased this month, going from 291 in April to 316 in May. Gilbert home sales have now increased in 3 out of the last 4 months. With this increase, Gilbert home sales are still -9.7% lower than in May of 2022. May home sales in Gilbert are significantly lower than they have been for this month over the last 5 years, including when we were going through the Covid-19 pandemic.
The number of new listings in Gilbert slightly increased this month after slightly decreasing in April, going from 285 last month to 293 in May. This is the lowest number of Gilbert listings in May over the last 5 years. The number of new Gilbert listings in May is now -45.9% lower than the number of new listings in May of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 8 months. Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 8 months, inventory has gone back down from a high of 1,050 in September of 2022 to 513 in May. Even though inventory is decreasing, the number of active listings in Gilbert are still 1.8% higher than in May 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 -10.9% since May of 2022 as mortgage interest rates remain around 6.25%. This is the 6th month in a row there has been a decrease in home values year-over-year. Prior to the last 6 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 slightly increased this month after slightly decreasing in April, going from 285 last month to 293 in May. This is the lowest number of Gilbert listings in May over the last 5 years. The number of new Gilbert listings in May is now -45.9% lower than the number of new listings in May of last year.
Home inventory increased in Gilbert between March and September but has now decreased the last 8 months. Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 8 months, inventory has gone back down from a high of 1,050 in September of 2022 to 513 in May. Even though inventory is decreasing, the number of active listings in Gilbert are still 1.8% higher than in May 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 -10.9% since May of 2022 as mortgage interest rates remain around 6.25%. This is the 6th month in a row there has been a decrease in home values year-over-year. Prior to the last 6 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]
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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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