🚨MARKET UPDATE🚨
While prices are still down compared to March of 2022, the free fall in price decline seems to have hit bottom. March was the first month since May of 2022 there was an increase in the median sales price in Gilbert. It was also the first month since July of 2022 when Gilbert dropped below 2 months’ worth of inventory.
We all know that pricing in almost all commodities comes down to supply and demand. If inventory continues to shrink, it is possible we will see prices continue to rise, despite the higher interest rates.
Out of the 17 largest cities in the Metro Phoenix area only three cities remain in buyer’s markets, Queen Creek, Maricopa & Buckeye. Queen Creek is making a comeback and is very close to becoming a balanced market once again.
The top five hottest cities for sellers right now are Chandler, Fountain Hills, Glendale, Phoenix & Gilbert.
The Listing Success Rate in Gilbert jumped from just 62% in December to a healthy 84% in March.
