Gilbert, AZ
Real Estate

An In-Depth Look at Gilbert Condos

The current landscape for condos, townhomes, and patio homes in Gilbert reflects varying dynamics influenced by buyer demand and inventory levels.

• Over the past month, active listings have climbed to 87, substantially rising from 60 three months prior, which corresponds to a notable 45% increase. This surge indicates heightened inventory, likely a response to the growing interest in purchasing, as seen in earlier months with fewer active listings.
• The average price for these active listings also shows a discernible upward trend to $469,274, contrasting sharply with prices seen six months ago, where the average was $446,232—this marks an approximately 5% increase.
• To provide additional context on pricing, the average sold price has experienced a downturn, currently at $387,984, down from $412,131 three months ago, illustrating a nearly 6% decline. This shift indicates a possible realignment of buyer expectations in response to the increasing inventory.
• Despite these changes, average Days on Market (DOM) has remained relatively stable at 57 days, suggesting that while buyers may be negotiating lower offers, properties are still selling at a consistent pace without a significant backlog of unsold inventory.
• In terms of months of inventory, the current figure stands at approximately 5.2 months, which favors a balanced market—a marked increase compared to the 3.3 months recorded three months ago. This change signals an evolving market where buyers have more options at their disposal, resulting from a more active listing environment.
• Notably, the average price per square foot for current active listings is about $332, which again highlights the positive price shift in the market despite the declining average sold prices.
• Overall, the Gilbert condo market showcases a transition phase, where increased listing activity and price adjustments are serving as indicators of changing buyer dynamics and market conditions. For potential sellers, this suggests a need to consider competitive pricing strategies to attract buyers amidst a robust selection of available properties. Conversely, buyers can leverage the increasing inventory to negotiate terms more favorably.

An In-Depth Look at Gilbert Land

The current landscape of the land market in Gilbert reveals several intertwined trends that are critical for stakeholders. The number of active listings currently sits at 20, which indicates a slight rise from 18 active listings just three months prior. This increase in available inventory has pushed the average list price higher to $818,647, up from $787,050 in the previous quarter.

The months of inventory indicate that there is approximately 12.0 months of available land for sale at the current sales pace, reflecting a relatively balanced market albeit on the buyer's side. A market with 12 months of inventory typically suggests that buyers have the upper hand, allowing them more negotiating power.

Days on Market (DOM) for active listings stands out at 196 days. This extended DOM indicates potential hesitance among buyers, possibly due to rising prices or other factors affecting consumer confidence. For context, the DOM was lower at 175 days three months ago, suggesting a shift toward slower sales as the market adjusts.

Investors, developers, and potential buyers should be mindful of these trends. Sellers may need to be aware that pricing strategies should account not only for current average prices but also for the length of time their properties may remain listed. Conversely, buyers may want to take advantage of the longer DOM to negotiate favorable purchasing terms. Overall, the Gilbert land market presents a mixture of opportunities and challenges as it continues to navigate the evolving dynamics of supply and demand.