Gilbert AZ Real Estate Housing Market Report - February 2023

Real Estate Agent with HomeSmart License # SA577557000
Here is the most recent Gilbert AZ Real Estate Housing Market Report for February 2023:
The average sales price of Gilbert homes decreased for the second month in a row, after slightly increasing to end 2022, going from $620,705 in December to $588,495 in February. This is the first February that sales prices in Gilbert have decreased since February of 2019. Sales prices in Gilbert have declined in 8 out of the last 9 months.

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.
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)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good afternoon Tony. Interesting but not alarming as markets adapt to our current economic conditions. Buyers have an opportunity to be more selective and sellers better prepared. Enjoy your day.

Mar 23, 2023 12:59 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thanks Wayne Martin for stopping by, and yes nothing alarming in this market report.

Mar 23, 2023 01:21 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Gilbert home buyers and sellers are certain to value your real estate market report, Troy.

Mar 24, 2023 06:32 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

I can't thank you enough for always taking the time to comment and support my posts Myrl Jeffcoat.

Mar 25, 2023 12:08 AM