Gilbert Housing Market General Update 1/19/2023
Every neighborhood, zip code and home has it’s own unique qualities and features. Some positive and some negative when related to selling a home in Gilbert or purchasing a home in Gilbert. While we appreciate national news, MLS statistics and the unending stream of data, headlines and noise around real estate and local markets, it’s always important to seek trusted, experienced counsel for any home of consideration. That said, I’ll keep this brief and general with the understanding that your home, or a home you have interest in, is always going to be unique and require analysis on its own specific characteristics.
By now everyone knows that the market shot up in 2021 and 2022, then came back down to earth starting in June of 2022 thanks in no small part to rising interest rates. Safe to say that affordability was being affected by rising prices coming into last year. The slowdown continued through the fall and holiday season and was reflected by longer days on market for listings, fewer transactions being conducted, fewer buyers and slower market conditions. This inevitably put pressure on pricing, which has trended downward in most zip codes since Oct/Nov 2022.
Gilbert was not insulated from these trends, but perhaps felt the impact less significantly than other municipalities. Outlying areas are usually the first to experience downward trends and feel them more strongly. Gilbert continues to grow and develop at a rapid pace and demand for homes in Gilbert has remained strong when compared to other areas, just not as strong as last spring.
Statistically there are 560 Active listings as of the time of this post, 173 pending sales and 95 under contract/back up status. There have been 72 closed sales. All these numbers come from the Arizona Regional Multiple Listing Service. January 1, 2022 through January 19th 2022 by comparison had 174 closed sales in Gilbert.
Gilbert remains a good opportunity for both buyers and sellers and is in perhaps one of the closest to balanced markets in metro Phoenix. As mentioned, every home in unique and so is it’s neighborhood and community. To know where your Gilbert home, or a home in Gilbert you are considering stands, best to seek local, trusted and experienced counsel from a Realtor you trust. Like us! We’re always happy to answer questions and offer assessments.
Newman Realty and our partner agents make it our business to know our community and stay engaged with the Gilbert Chamber of Commerce ,and the Town of Gilbert
Knowing our community helps us understand our markets and offer reliable guidance and counsel to our home sellers and buyer clients. If you are interested in our services, have any questions about our markets, or home selling and home buying processes, we are here to help you every step of the way. You can always call me directly at 480-993-8653