Gilbert, AZ

The local market indicates a stabilizing trend, characterized by a notable increase in new listings year-over-year alongside a slight moderation in the median listing price. While the pending ratio has strengthened over the past year, inventory pressure remains. The average listing price experienced significant annual growth, contrasting with the more tempered median.

The median listing price currently stands at $550,000, having decreased 1.1% month-over-month and 4.7% year-over-year. Active listings are at 135, a 4.9% decline over the past year. Conversely, new listings have seen substantial growth, increasing by 26.7% year-over-year to 76. Properties are spending a median of 50 days on the market, representing a 2.0% increase annually. The share of price-reduced listings is 34.3%, a slight decrease of 1.3% compared to the prior year. The pending ratio is 0.48, a notable 11.5% increase year-over-year.

The strengthened pending ratio over the past year suggests an improving pace of transactions, yet the declining active listings and increased days on market indicate some persistent inventory pressure. While new listings are robust, the overall market dynamics suggest that price discipline is increasingly important as properties spend marginally longer on the market and the median listing price shows some annual depreciation.

A significant spread exists between the median listing price of $550,000 and the average listing price of $752,097, with the average experiencing robust 9.6% year-over-year growth. This divergence suggests stronger price performance in the upper segments of the market. The median price per square foot is $272, showing a marginal 0.1% decline over the past year, while the median square footage is 1,978.