Gilbert Real Estate Market Reports: |
Check out our Ahwatukee Neighborhood Stats
Check out our Chandler City Stats Check out our Tempe City Stats |
Gilbert, Arizona Home Sales Prices:
Click image below to enlarge!
2020
Once again the new year saw home prices increasing, but the Coronavirus hit the US Housing market and shut down our economy in March. As you can see, home prices have taken a slight dip in March, and dropped a little more in April. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
2019
Gilbert median home sales prices are continuing to increase, reaching an all-time high of $361,000 in November of 2019.
2018
Gilbert median home sales prices are continuing to increase, reaching an all-time high of $339,900 in December of 2018.
2017
Gilbert median home sales prices are continuing to increase, reaching an all-time high of $317,500 in September and November of 2017.
Once again the new year saw home prices increasing, but the Coronavirus hit the US Housing market and shut down our economy in March. As you can see, home prices have taken a slight dip in March, and dropped a little more in April. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
2019
Gilbert median home sales prices are continuing to increase, reaching an all-time high of $361,000 in November of 2019.
2018
Gilbert median home sales prices are continuing to increase, reaching an all-time high of $339,900 in December of 2018.
2017
Gilbert median home sales prices are continuing to increase, reaching an all-time high of $317,500 in September and November of 2017.
Gilbert, Arizona Home Sales:
Click image below to enlarge!
2020
Gilbert home sales started off the best it has been in the last 4 years, but then the Coronavirus hit the US Housing market and shut down our economy in March. As you can see, home sales were still on the rise in March, but did not increase as much as the previous 3 years. Gilbert home sales dropped in April. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
2019
Gilbert home sales were once again very similar to the previous two years. It started off a little slower, with 255 sales in January being the lowest in the last 3 years, but ended up with 105 more homes sold than in 2018, and 18 more homes sold than in 2017.
2018
Gilbert home sales were very similar to the total home sales in 2017, with just 87 fewer home sales for the entire year. May saw the largest number of home sales at 568.
2017
Gilbert home sales started off 2017 with the highest first two months in any year since before 2013. However, even though March through May have seen a nice increase, they are not as high as the previous two years. I would think that June would be a good month, and then July will start the seasonal downturn of home sales throughout the remainder of the year.
Gilbert home sales started off the best it has been in the last 4 years, but then the Coronavirus hit the US Housing market and shut down our economy in March. As you can see, home sales were still on the rise in March, but did not increase as much as the previous 3 years. Gilbert home sales dropped in April. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
2019
Gilbert home sales were once again very similar to the previous two years. It started off a little slower, with 255 sales in January being the lowest in the last 3 years, but ended up with 105 more homes sold than in 2018, and 18 more homes sold than in 2017.
2018
Gilbert home sales were very similar to the total home sales in 2017, with just 87 fewer home sales for the entire year. May saw the largest number of home sales at 568.
2017
Gilbert home sales started off 2017 with the highest first two months in any year since before 2013. However, even though March through May have seen a nice increase, they are not as high as the previous two years. I would think that June would be a good month, and then July will start the seasonal downturn of home sales throughout the remainder of the year.
Gilbert, AZ Home Inventory:
2017-20
The inventory of homes for sale in Gilbert reached a new all-time low in February of this year, at 360. The highest inventory of Gilbert homes for sale was in June of 2017, when it climbed to 837. There had been a somewhat steady decline in Gilbert homes for sale since January of 2019, but things drastically changed when the Coronavirus hit the US Housing market and shut down our economy in mid March. As you can see from the chart above, the inventory of homes for sale in March increased a lot over February, and jumped again in April to 679. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
With the average number of Gilbert homes sold in the last 6 months decreasing to 376, this leaves an increasing absorption rate of around 1.81 months, which is still very low.
The inventory of homes for sale in Gilbert reached a new all-time low in February of this year, at 360. The highest inventory of Gilbert homes for sale was in June of 2017, when it climbed to 837. There had been a somewhat steady decline in Gilbert homes for sale since January of 2019, but things drastically changed when the Coronavirus hit the US Housing market and shut down our economy in mid March. As you can see from the chart above, the inventory of homes for sale in March increased a lot over February, and jumped again in April to 679. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
With the average number of Gilbert homes sold in the last 6 months decreasing to 376, this leaves an increasing absorption rate of around 1.81 months, which is still very low.
How inventory affects home prices:
When the inventory of homes in Gilbert increases, the economics of supply and demand will take effect. When there is a large inventory of homes available for sale in Gilbert, home prices will decrease in value for a couple of reasons. One reason is because there are more homes for Gilbert home buyers to choose from. Buyers will take their time in selecting a home, causing homes to stay on the market longer and increasing inventory. Because there are more Gilbert homes for sale, home sellers will begin to lower their sales price in order to get their home sold.
When the inventory of homes in Gilbert decreases, you will start to see an increase in home prices. With a low inventory of homes, Gilbert home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Gilbert home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
When the inventory of homes in Gilbert decreases, you will start to see an increase in home prices. With a low inventory of homes, Gilbert home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Gilbert home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
Gilbert Days On Market:
Click image below to enlarge!
2017-20
As you can see by the graph, Days on Market for Gilbert has had a very U shaped curve each year, which shows the DOM has been higher at the beginning of each year, decreasing through the spring and summer months, and then increasing again at the end of each year. However, Gilbert DOM decreased from an average of 55 to 47 DOM between 2017 and 2018. In 2019, the numbers were almost exactly the same as in 2018. In 2020, the Gilbert DOM started off lower than it ever has in January, at 43. It ticked slightly up to 45 in February, but then dropped to an all-time low of 30 DOM in April.
With Coronavirus hitting the US Housing market in mid March and shutting down our economy, it doesn't look as though it has affected the DOM for Gilbert. The DOM dropped both in March and April. We will have to see if DOM will increase in the coming months, or if it can withstand the economic shutdown long-term, as over 30 million people have lost their jobs, and many business have been closed by the government due to the pandemic.
As you can see by the graph, Days on Market for Gilbert has had a very U shaped curve each year, which shows the DOM has been higher at the beginning of each year, decreasing through the spring and summer months, and then increasing again at the end of each year. However, Gilbert DOM decreased from an average of 55 to 47 DOM between 2017 and 2018. In 2019, the numbers were almost exactly the same as in 2018. In 2020, the Gilbert DOM started off lower than it ever has in January, at 43. It ticked slightly up to 45 in February, but then dropped to an all-time low of 30 DOM in April.
With Coronavirus hitting the US Housing market in mid March and shutting down our economy, it doesn't look as though it has affected the DOM for Gilbert. The DOM dropped both in March and April. We will have to see if DOM will increase in the coming months, or if it can withstand the economic shutdown long-term, as over 30 million people have lost their jobs, and many business have been closed by the government due to the pandemic.
Days on market (DOM) is a measure of the age of a real estate listing. It is the total number of days a listing is on the active market before an offer is accepted on the property, or an agreement between the real estate broker and home seller ends. The higher the days on market, the longer it is taking for homeowners to sell their Tempe home. The lower the days on market, the faster a Gilbert home is receiving a purchase contract, and getting off the market.
Generally, properties with a longer DOM will command lower prices than properties with a shorter DOM because a perception exists that the property may be overpriced or less desirable the longer it remains on the market. DOM often factors into developing a pricing strategy. DOM can also be used to gauge the condition, or trend of the housing market. Previous history has shown that a fairly stable real estate market in Gilbert should have average days on the market somewhere between 60 and 90 days.
Generally, properties with a longer DOM will command lower prices than properties with a shorter DOM because a perception exists that the property may be overpriced or less desirable the longer it remains on the market. DOM often factors into developing a pricing strategy. DOM can also be used to gauge the condition, or trend of the housing market. Previous history has shown that a fairly stable real estate market in Gilbert should have average days on the market somewhere between 60 and 90 days.
Gilbert New Listings by Month:
Click image below to enlarge!
2020
The number of new Gilbert listings by month started off a little low in January and February of 2020, then had a nice increase in March, even though the Coronavirus hit the US Housing market and shut down our economy in mid March. As you can see, new listings in April decreased quite a bit. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
2019
The number new Gilbert listings in 2019 decreased overall from 2018 by 191, even though January saw a high of new listings for that month of 521. The total number of new listings really dropped off in November and December.
2018
The total number of new Gilbert listings in 2018 (5935) was almost exactly the same as the new listings for all of 2017 (5933). May of 2018 saw the largest number of new Gilbert listings hit the market at 630, surpassing May of 2018 by 1.
2017
The number of new Gilbert listings started off 2017 with the lowest January total since 2013. So far it is following the 2016 trend, but at a slightly lower average. If the year continues this way, you should see a continued decrease in the number of new Gilbert listings starting in June, and continuing throughout the remainder of the year, with one increase in September.
The number of new Gilbert listings by month started off a little low in January and February of 2020, then had a nice increase in March, even though the Coronavirus hit the US Housing market and shut down our economy in mid March. As you can see, new listings in April decreased quite a bit. We will have to see if this trend continues, as over 30 million people have lost their jobs, and many business have been shut down by the government due to the pandemic.
2019
The number new Gilbert listings in 2019 decreased overall from 2018 by 191, even though January saw a high of new listings for that month of 521. The total number of new listings really dropped off in November and December.
2018
The total number of new Gilbert listings in 2018 (5935) was almost exactly the same as the new listings for all of 2017 (5933). May of 2018 saw the largest number of new Gilbert listings hit the market at 630, surpassing May of 2018 by 1.
2017
The number of new Gilbert listings started off 2017 with the lowest January total since 2013. So far it is following the 2016 trend, but at a slightly lower average. If the year continues this way, you should see a continued decrease in the number of new Gilbert listings starting in June, and continuing throughout the remainder of the year, with one increase in September.
