Gilbert AZ Real Estate Housing Market Report - September 2022
The average sales price of Gilbert homes has decreased for the fourth straight month after increasing for four months in a row, going from $719,659 in May to $662,119 for September. I think that the days of increasing home prices each month are over for a while.
After increasing for five straight months, the average sold price per square foot of Gilbert homes has now decreased for the third straight month, going from $310/sf in June to $281/sf in September. After decreasing for three months in a row it seems like the market is slowing.
After decreasing for 3 straight months, Gilbert days on market has now increased four months in a row, going from 20 DOM in May to 46 DOM in September. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling fast and should continue through 2022.
After increasing for five straight months, the average sold price per square foot of Gilbert homes has now decreased for the third straight month, going from $310/sf in June to $281/sf in September. After decreasing for three months in a row it seems like the market is slowing.
After decreasing for 3 straight months, Gilbert days on market has now increased four months in a row, going from 20 DOM in May to 46 DOM in September. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling fast and should continue through 2022.
After decreasing for two straight months, Gilbert home sales saw an increase in September, going from 247 in August to 297 this month. With this increase, Gilbert home sales are still -39.0% lower than in September of 2021. This is the time of year when home sales typically start to decrease as we head into the slower fall season, so this increase is not typical. September home sales in Gilbert are significantly lower than they were in September of the last three years, including when we were going through the Covid-19 pandemic.
The number of new listings in Gilbert has now decreased the last three months after increasing for four straight months, going from 622 in June to 380 in September. With this decrease it is the lowest number of Gilbert listings in September over the last 3 years. The number of new Gilbert listings in September is now -14.2% lower than the number of new listings in September of last year.
Home inventory in Gilbert seems to be catching up with demand, and that will help home prices slow down their rapid climb over the last two years. The number of active listings sits at 1,036 for September, which is a very slight decrease from August (1,039). Active listings are now exactly 100.0% higher than in September of last year.
The lack of listings continues to drive demand and home prices higher, but that seems to be changing. Median home values in Gilbert have increased an average of 15.0% since September of 2021. Mortgage interest rates are now over 6.3% but are still historically low. However, the market is slowing, and we are heading into the fall which always signifies a slowdown in the housing market in Arizona.
The number of new listings in Gilbert has now decreased the last three months after increasing for four straight months, going from 622 in June to 380 in September. With this decrease it is the lowest number of Gilbert listings in September over the last 3 years. The number of new Gilbert listings in September is now -14.2% lower than the number of new listings in September of last year.
Home inventory in Gilbert seems to be catching up with demand, and that will help home prices slow down their rapid climb over the last two years. The number of active listings sits at 1,036 for September, which is a very slight decrease from August (1,039). Active listings are now exactly 100.0% higher than in September of last year.
The lack of listings continues to drive demand and home prices higher, but that seems to be changing. Median home values in Gilbert have increased an average of 15.0% since September of 2021. Mortgage interest rates are now over 6.3% but are still historically low. However, the market is slowing, and we are heading into the fall which always signifies a slowdown in the housing market in Arizona.
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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