Gilbert AZ Real Estate Housing Market Report - October 2021
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 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.
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.