Mesa AZ Real Estate Housing Market Report - July 2022
The average sales price per square foot of Mesa homes has seen back-to-back decreases after remaining the same or increasing for 29 consecutive months. The price per square foot of Mesa homes decreased for the first time in over two years going from $294/sf in May to $291/sf for June, and dropped to $281/sf in July. Even with the decreases in the last two months there has still been an increase of $41/sf since July of 2021.
After decreasing for four consecutive months, the days on market for Mesa has increased two months in a row, going from 21 DOM in May to 30 DOM in July. The days on market is still very low for Mesa, and that means that homes in Mesa, AZ will still be in high demand throughout the remainder of 2022.
After increasing for two straight months, the number of new listings in Mesa decreased, going from 882 in June to 817 in July. With this decrease of new listings in Mesa, they are still 8.2% higher than they were in July of last year. The number of homes being listed is decreasing, which may signify that there is a shift occurring in the housing market.
The inventory of homes is catching up with demand, and that may signify that home price increases will begin to slow. After decreasing for five straight months, the number of active listings in Mesa has increased for four straight months, going from 688 in March to 1,393 in July (a 102% increase in three months).
Active listings in Mesa have been trending higher the last three months, and the number of active listings is now 71.1% higher than they were in July of 2021.
The number of listings in Mesa is still low in comparison, although the number of listings is increasing. Demand is still fairly high but increases in home prices are slowing. Median home values in Mesa have increased an average of 16.5% since July of 2021. With interest rates hovering around 5.5%, there still should be more buyers looking to purchase a home in Mesa throughout the remainder of 2022.
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 selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.
If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.