Mesa AZ Real Estate Housing Market Report - July 2023
After increasing for 4 consecutive months, the average sales price of homes in Mesa has decreased this month, going from $554,727 in June to $549,140 in July.
The average sales price per square foot of Mesa homes, however, increased after decreasing last month. The price per square foot of Mesa homes went from $263/sf in June back up to $268/sf in July. The average sales price per square foot of homes in Mesa has increased or remained the same in 5 out of the last 7 months, but is still lower than the same time last year by $13/sf.
After increasing in March, the days on market for Mesa has decreased the last 4 months, going from 75 DOM in March to 45 DOM this month. Days on market for Mesa is relatively low compared to a more balanced housing market, but higher than it has been in the last 3 years for this time of year.
The average sales price per square foot of Mesa homes, however, increased after decreasing last month. The price per square foot of Mesa homes went from $263/sf in June back up to $268/sf in July. The average sales price per square foot of homes in Mesa has increased or remained the same in 5 out of the last 7 months, but is still lower than the same time last year by $13/sf.
After increasing in March, the days on market for Mesa has decreased the last 4 months, going from 75 DOM in March to 45 DOM this month. Days on market for Mesa is relatively low compared to a more balanced housing market, but higher than it has been in the last 3 years for this time of year.
After increasing in May, home sales in Mesa have decreased the last two months, going from 514 in May to 353 this month. Total sales for July are the lowest they have been in that month since before 2018. Mesa home sales this month are lower than in July of last year by -13.9%.
After increasing the last two months, the number of new listings in Mesa decreased this month, going from 466 in June to 394 in July. With this decrease of new listings in Mesa, they are now -52.0% lower than they were in July of last year, and lower than any other July since at least before 2018.
After increasing for seven straight months, the number of active listings in Mesa has now decreased for the 9th straight month, going from 1,669 in October to 723 in July. With this decline, July inventory is now lower than any July over at least the last 5 years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale due to the higher interest rates. With the recent decline, the number of active listings is now -50.1% lower than they were in July of 2022. This is the third year-over-year decline since November of 2021.
Demand is still high and the number of homes for sale is low. This is partially due to inflation as well as higher mortgage interest rates. Median home values in Mesa have decreased an average of just -1.0% since July of 2022. This is the 8th year-over-year decrease in a row but is not much of a change. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 7.0%, fewer homeowners are putting their homes up for sale.
After increasing the last two months, the number of new listings in Mesa decreased this month, going from 466 in June to 394 in July. With this decrease of new listings in Mesa, they are now -52.0% lower than they were in July of last year, and lower than any other July since at least before 2018.
After increasing for seven straight months, the number of active listings in Mesa has now decreased for the 9th straight month, going from 1,669 in October to 723 in July. With this decline, July inventory is now lower than any July over at least the last 5 years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale due to the higher interest rates. With the recent decline, the number of active listings is now -50.1% lower than they were in July of 2022. This is the third year-over-year decline since November of 2021.
Demand is still high and the number of homes for sale is low. This is partially due to inflation as well as higher mortgage interest rates. Median home values in Mesa have decreased an average of just -1.0% since July of 2022. This is the 8th year-over-year decrease in a row but is not much of a change. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 7.0%, fewer homeowners are putting their homes up for sale.
For more detailed stats on the Mesa Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.
If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
If you're thinking of buying a home, connect with me to begin your journey to homeownership.
Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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