Here is the most recent Gilbert AZ Real Estate Housing Market Report for March 2023:
The average sales price of Gilbert homes increased in March after decreasing for two months in a row, going from $589,315 in February to $629,295 this month. This is the third February in a row that sales prices in Gilbert have increased. However, this is only the second time sales prices in Gilbert have increased in the last 10 months.
Click on the image below to read the full article and see what is going on in the Gilbert Arizona real estate market.
After remaining the same as January last month, the average sold price per square foot of Gilbert homes increased in March. The sold price per square foot increased from $263/sf in February to $273/sf in March but has only increased or remained the same in 5 of the last 10 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 March of 2022 by -$16/sf. This is the 4th month in a row the sold price per square foot has been lower than the same month the previous year, and it had not happened prior to that since before 2020.
After increasing for 9 straight months, Gilbert days on market decreased this last month, going from 87 DOM in February to 77 DOM in March. The Gilbert DOM is more than 3 times as high as it was in March of 2022. 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 now that it is springtime, but the increase in mortgage interest rates are keeping Gilbert homeowners from listing their homes.
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 Realtor | Call/Text: 602-295-6807 | TroyEricksonRealtor@gmail.com
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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