Gilbert, AZ

The market currently exhibits cooling dynamics, characterized by a declining pending ratio and moderate price reductions year-over-year. While new listings show growth, a notable portion of active listings are undergoing price adjustments, influencing overall market velocity.

The median listing price has seen a modest month-over-month increase of 3.1%, yet remains 1.7% lower than the prior year. Median price per square foot has experienced a more pronounced annual decline of 4.1%. Active listings have grown by 2.1% year-over-year, alongside a significant 14.3% increase in new listings. The median days on market have decreased by 12.0% over the past year, indicating a quicker absorption of available inventory. However, 39.1% of listings have undergone price reductions, an increase of 3.1% compared to the prior year. The pending ratio stands at 0.37, a year-over-year decrease of 0.8%.

The current data suggests a market environment where inventory levels are rising, and a notable share of listings are adjusting prices. While properties are moving off market at a faster pace as indicated by reduced days on market, the lower pending ratio and increased price reductions imply a shift in negotiating leverage. This environment demands greater price discipline from sellers and offers more opportunity for buyers to negotiate on terms and price.

The average listing price of $726,102 significantly exceeds the median listing price of $595,000, indicating a segment of properties listed at higher values. This top segment has experienced a year-over-year decline of 8.4% in average listing price. The median price per square foot is $291.