While Wednesday’s chart showed the median sales price in Phoenix has cooled off with the weather, that hasn’t been the case in Gilbert - where the Median Price per Square Foot has increased sharply throughout the 3rd quarter.
September’s median of $163.08 / sqft is up 9% since the beginning of the year. It’s also up 9% since Sept 2017 (in the last year), and it’s up 16% since Sept 2016 (over the last 2 years).
Another trend we can see is that the line has been relatively flat from September through February in each of the last two years. If that trends holds true again we can expect prices to level off over the next few months before ramping up again next spring.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.