Gilbert AZ Real Estate Housing Market Report - October 2021
The average sales price of Gilbert homes continues to fluctuate up and down every other month since July. After reaching an all-time high of $600,279 in August, September dropped back down to $579,102, which was a significant decline. After only the third decline this year, October saw a nice increase in the average sales price, back up to $594,658. At the same time, after increasing for 15 straight months, the average sold price per square foot of homes in Gilbert has dropped from $260/sf last month to $258/sf in October. This is not a significant change, although it may be a sign that the large increases in home values over the last year and a half may be starting to slow a little.
The days on market in Gilbert increased for the fourth straight month, from 19 in June, to 20 in July, to 22 in August, to 23 in September, and now 25 DOM in October. This is the fifth increase in the last six months, but the DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
The days on market in Gilbert increased for the fourth straight month, from 19 in June, to 20 in July, to 22 in August, to 23 in September, and now 25 DOM in October. This is the fifth increase in the last six months, but the DOM is still extremely low, which means that homes in Gilbert Arizona are still selling very fast!
After increasing 100, from 387 in August to 487 in September, and reaching the highest number of home sales in a month this year, Gilbert home sales took a dive in October down to 363 homes sold. This is the lowest number of home sales in Gilbert since February of this year, and sales are now -32.3% lower than in October of last year. This is also the fifth decrease in a row for home sales compared to the same months last year. Home sales typically drop off towards the end of the year due to the cycle of the housing market, but they are significantly lower than last year partially due to the lack of inventory.
The number of new listings in Gilbert remained the same as last month, at 443, after fluctuating up and down the last several months. New listings decreased to 443 in September, increased to 515 in August, and decreased to 475 in July. This is the lowest number of new listings in October over the last four years (just like in September), and could be a sign that many home owners have decided to wait to sell their homes as we head into the Winter. At 443, the number of new listings is -11.0% less than the number of new listings in October 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 519 for October, slightly up from 510 in September, and is the seventh increase in active Gilbert listings over the last nine months. Active listings in Gilbert still remain lower than last year, as there are -18.1% fewer homes for sale in Gilbert compared to October of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 27.7% since October of 2020. Mortgage interest rates have started to increase above 3.0%, but are still hovering around 3.2%, so there still should be more buyers looking to purchase throughout the remainder of 2021.
The number of new listings in Gilbert remained the same as last month, at 443, after fluctuating up and down the last several months. New listings decreased to 443 in September, increased to 515 in August, and decreased to 475 in July. This is the lowest number of new listings in October over the last four years (just like in September), and could be a sign that many home owners have decided to wait to sell their homes as we head into the Winter. At 443, the number of new listings is -11.0% less than the number of new listings in October 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 519 for October, slightly up from 510 in September, and is the seventh increase in active Gilbert listings over the last nine months. Active listings in Gilbert still remain lower than last year, as there are -18.1% fewer homes for sale in Gilbert compared to October of 2020.
The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 27.7% since October of 2020. Mortgage interest rates have started to increase above 3.0%, but are still hovering around 3.2%, so there still should be more buyers looking to purchase throughout the remainder of 2021.
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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