Mesa AZ Real Estate Housing Market Report - February 2023
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 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.
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