After decreasing last month, the average sold price per square foot of Gilbert homes remained the same between January and February, at $263/sf. The sold price per square foot has decreased or remained the same in 6 of the last 8 months. The overall trend is 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 February of 2022 by -$23/sf. This is the third month in a row this has happened, and it had not happened prior to that since before 2020.
After decreasing for 3 straight months, Gilbert days on market has now increased for 9 months in a row, going from 20 DOM last May to 87 DOM in February. The Gilbert DOM has almost quadrupled in that time. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were in 2021 and midway through 2022.
Things should be picking up in Arizona as we near spring, but home values are trending downward, and the increase in mortgage interest rates are both contributing 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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