Gilbert average home sale prices jumped last month | News

The average sale price of a Gilbert house last month jumped 14.9% in 12 months to $677,380 – significantly higher than the Valley-wide average.

Data from Phoenix REALTORS show the average price was $677,380 while the median price of the 211 homes that closed in February was $585,000. That median price was closer to the Valley-wide average sale price of $580,689.

Some of the monthly sales data for Gilbert showed sellers caught some big advantages over their counterparts elsewhere in the Valley in the form of days on the market, the percentage of their asking price they received and reduced competition in a 44.6% decline in homes for sale.

From a Valley-wide perspective, Phoenix REALTORS expressed cautious optimism, noting, “The inventory of homes for sale in Greater Phoenix topped 15,000 last month, up from about 5,500 two years ago and nearly 13,500 last year.”

Added Sheryl Bowden, president of Phoenix REALTORS: “As interest rates are dropping and buyer interest is rising, we’re starting to see more existing homeowners put their property up for sale. January showed promise and February data continues that mode.

“Overall, it’s too soon to call it a trend, but key numbers are holding steady, which could indicate the market is going to change,” Bowden added. “We started 2024 with anticipation that more home sales will close as interest rates continue to drop. So far, that thought is reflected in the data.”

Phoenix REALTORS is the Valley’s major real estate membership organization. With over 11,000 members, it boasts of being “including a clearinghouse of up-to-date research, statistics and data” that offer insights on marketplace trends.

Sellers in Gilbert last month got an average 98.6% of their asking price – slightly above the Valley-wide average of 97.8% – and the time their homes stayed on the market fell last month to 49 – a 43.7% plunge from their counterparts a year ago and well below the Valley-wide average of 67 days, according to Phoenix REALTORS data.

Hopes remain high that mortgage rates will continue inching downward, although Sam Khater, Freddie Mac’s chief economist, was not so sure.

While noting two consecutive weeks of reclines in the 30-year fixed-rate home loan, Khater said in a statement:

“Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

But Bowden remained optimistic, stating, “The numbers are encouraging. We’re seeing what could be the start of a good year for buyers and sellers.”