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Gilbert AZ Real Estate Housing Market Report - December 2022

By
Real Estate Agent with HomeSmart License # SA577557000
Here is the most recent Gilbert AZ Real Estate Housing Market Report for December 2022:
 
The average sales price of Gilbert homes has increased after decreasing for six straight months, going from $620,532 in November to $622,718 for December. This is the third December in a row that sales prices in Gilbert have increased, but I think that the days of home price increases each month are over for a while. Sales prices just tend to increase every December, but the overall trend is downward.

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.
 
Click on the image below to read the full article and see what is going on in the Gilbert Arizona real estate 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.

"Real Estate is not just a job for me,
it's about making a difference in the lives of others"
       
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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This post is for informational purposes only and should not be construed as legal advice. If you desire specific legal or tax advice, please consult the appropriate professional. The opinions expressed here represent my own and not those of my employer. Troy Erickson will not be held liable for any errors, ommissions, accuracy, validity, currentness, suitability, completeness; or any losses, injuries or damages arising from its display or use.

Comments (4)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

This is an excellent post with great information. Thanks for sharing it. 

Have a super fantastic Sunday! Bill

Jan 08, 2023 10:30 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Enjoy the increases, here in my market the direction has changed in the past six months...Endre

Jan 08, 2023 10:48 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thanks so much Bill Salvatore - East Valley for supporting my post. I really appreciate it.

Jan 10, 2023 10:57 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thanks Endre Barath, Jr., it was just a slight increase in December that pretty much happens every year. The overall trend is still down for sure over the last 6 months.

Jan 10, 2023 10:58 AM