After decreasing last month, the average sold price per square foot of Gilbert homes slightly increased in December, going from $273/sf in November to $274/sf in December. The overall trend over the last six months is still downward, as the Gilbert housing market seems to be slowing. The average sold price per square foot this month is now less than it was in December of 2021. This is the first time this has happened since at least before 2020.
After decreasing for 3 straight months, Gilbert days on market has now increased for seven months in a row, going from 20 DOM in May to 65 DOM in December. The Gilbert DOM has more than tripled in that time. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were earlier in the year, and throughout 2021.
This is the slowest time of season for the housing market in Arizona, but the home value increases from 2020 through the first half of 2022, plus the increased inventory of homes for sale and the increase in mortgage interest rates have also contributed to the slowdown in the Gilbert housing market.
Feel free to reach out to me if you have any questions about buying a home, selling your home, or investing in the Gilbert, AZ or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
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