Mesa AZ Real Estate Housing Market Report - December 2022
The average sales price per square foot of Mesa homes has decreased seven straight months after remaining the same or increasing for 29 consecutive months. The price per square foot of Mesa homes has decreased from $294/sf in May to $251/sf in December. With the decreases over the last seven months the average sales price per square foot is now less than it was in December of last year by $2/sf. This is the first year-over-year decline in at least the last three years.
After decreasing for four consecutive months, the days on market for Mesa has also increased seven months in a row, going from 21 DOM in May to 62 DOM in December (almost tripling). The increasing days on market for Mesa is a sign that demand is slowing as we head into the new year.
After increasing for two straight months, the number of new listings in Mesa have now decreased for six straight months, going from 882 in June to 297 in December. With this decrease of new listings in Mesa, they are now -43.9% lower than they were in December of last year. The number of homes being listed tends to trend lower this time of year, but they are more than 200 listings less than in December of the previous 2 years.
After increasing for seven straight months, the number of active listings in Mesa has decreased for the second straight month, going from 1,652 in October to 1,359 in December. Even with the decline, this is the highest inventory in December over the last four years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale as we head into winter. The number of active listings is still 73.6% higher than they were in December of 2021.
Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic. Median home values in Mesa have decreased an average of -3.8% since December of 2021. This is the first decrease we have seen in at least 4 years, but probably even longer. With interest rates ranging right around 6.5%, the demand for purchasing a home in Mesa is slowing.
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