As 2019 is now in our rear view mirror, we look into our crystal ball to speculate what the Gilbert AZ market has install for 2020. Gilbert has had strong annual sales for several years now and comparing 2018 to 2019 we saw the average sales price rise from $356,674 to $380,260, a 6.61% annual increase. A total of 5,560 Gilbert homes sold in 2019, up slightly from 5,445 in 2018.
With our low inventory of homes available for sale and high demand in the Gilbert market, I anticipate a price increase repeat of 2019 to be the case at the end of 2020, but only time will tell. Low interest rates should continue to remain throughout this year as the FED doesn’t seem to be able to make an adjustment without having to re-think their move and with Gilbert being such a desirable and relatively affordable place to live providing solid job opportunities, excellent schools and good overall quality of life, we see a very strong demand for housing which will continue to drive housing prices.
As of January 3rd 2020 the Arizona Multiple Listing Service is reporting only 330 active homes available for sale which is down from 423 at the beginning of December. This reduced number is most likely due to the time of year when home sellers are more focused on the holiday season and family rather than keeping their home “show” ready, a typical seasonal trend, but still a low start moving into 2020.
Gilberts lowest priced home is offered at $215,000 which is a 2 bedroom, 2 bathroom 890 square ft. townhouse in a pre-foreclosure status. Townhomes with 3 bedrooms and 2 bathrooms are available starting at just under the $250,000 mark.
A single level, single family property with 3 bedrooms and 2 bathrooms which would be a typical “starter home” between 1,400sf and 1600sf starts at about $280,000 now in Gilbert for the beginning of 2020.
If a home with a private swimming pool already installed in the yard is on your radar then you have a choice of 135 properties with the lowest priced home at the start of 2020 with a pool being $285,000.
Below are the “starting prices” in Gilbert for single family detached homes based purely on bedroom count.
2 Bedrooms $312,000
3 Bedrooms from $248,900
4 Bedrooms from $324,900
5 Bedrooms from $360,000
6 Bedrooms from $475,000
7 Bedrooms Plus $884,900
In the high end luxury market there are 25 properties actively offered at 1 million and over and 4 currently under contract. December saw 3 homes priced over 1 million close with the highest sale being $1,420,0000 for a 6,055 sf property in the prestigious gated community of Whitewing at Higley commanding $234.52 per sq.ft
To search properties for sale in the local Gilbert market click here