Mesa AZ Real Estate Housing Market Report - February 2023
After increasing in October, the average sales price of homes in Mesa has decreased 4 months in a row, going from $548,933 in October to $491,522 in February.
The average sales price per square foot of Mesa homes remained the same in February as in January. The price per square foot of Mesa homes remains at $253/sf for February. With the average sales price per square foot mostly decreasing throughout last year, it is now back to where it was in December of 2021.
After increasing for 8 consecutive months, the days on market for Mesa has decreased in February, going from 74 DOM in January to 72 DOM this month. This may mean that days on market for Mesa is leveling off as we enter the spring.
The average sales price per square foot of Mesa homes remained the same in February as in January. The price per square foot of Mesa homes remains at $253/sf for February. With the average sales price per square foot mostly decreasing throughout last year, it is now back to where it was in December of 2021.
After increasing for 8 consecutive months, the days on market for Mesa has decreased in February, going from 74 DOM in January to 72 DOM this month. This may mean that days on market for Mesa is leveling off as we enter the spring.
After decreasing last month, home sales in Mesa have increased in February, going from 350 in January to 411 this month. Total sales for February are still the lowest they have been in February since before 2018. Mesa home sales this month are lower than in February of last year by -23.3%.
After increasing last month, the number of new listings in Mesa decreased this month, going from 497 in January to 444 in February. With this decrease of new listings in Mesa, they are now -22.4% lower than they were in February of last year, and lower than any other February since at least before 2018.
After increasing for seven straight months, the number of active listings in Mesa has decreased for the 4th straight month, going from 1,665 in October to 1,156 in February. Even with the decline, this is the highest inventory in February since 2019.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale, which is typical this time of year, but we should see an increase as we near the spring season. Even with the recent decline, the number of active listings is still 61.2% higher than they were in February of 2022.
Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic, as well as rising mortgage interest rates. Median home values in Mesa have decreased an average of -0.6% since February of 2022. This is the third decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right below 7.0%, the demand for purchasing a home in Mesa is slowing.
After increasing last month, the number of new listings in Mesa decreased this month, going from 497 in January to 444 in February. With this decrease of new listings in Mesa, they are now -22.4% lower than they were in February of last year, and lower than any other February since at least before 2018.
After increasing for seven straight months, the number of active listings in Mesa has decreased for the 4th straight month, going from 1,665 in October to 1,156 in February. Even with the decline, this is the highest inventory in February since 2019.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale, which is typical this time of year, but we should see an increase as we near the spring season. Even with the recent decline, the number of active listings is still 61.2% higher than they were in February of 2022.
Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic, as well as rising mortgage interest rates. Median home values in Mesa have decreased an average of -0.6% since February of 2022. This is the third decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right below 7.0%, the demand for purchasing a home in Mesa is slowing.
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.
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.
"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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