Mesa AZ Real Estate Housing Market Report - January 2023
The average sales price per square foot of Mesa homes has actually increased in January after decreasing for seven straight months. The price per square foot of Mesa homes has increased from $251/sf in December to $253/sf in January. 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 decreasing for four consecutive months, the days on market for Mesa has also increased 8 months in a row, going from 21 DOM in May to 73 DOM in January (more than tripling). The increasing days on market for Mesa is a sign that demand is slowing as we start the new year.
After decreasing for 6 straight months, the number of new listings in Mesa significantly increased to start the new year, going from 303 in December to 491 in January. With this increase of new listings in Mesa, they are now -20.7% lower than they were in January of last year. The number of homes being listed tends to trend lower this time of year, but this increase may be a good sign for 2023.
After increasing for seven straight months, the number of active listings in Mesa has decreased for the third straight month, going from 1,659 in October to 1,217 in January. Even with the decline, this is the highest inventory in January 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 next month based on the number of new listings in January. The number of active listings is still 68.8% higher than they were in January of 2022.
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 -5.3% since January of 2022. This is the second decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 6.5%, 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 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.