Mesa AZ Real Estate Housing Market Report - June 2022
The average sales price per square foot of Mesa homes has seen its first decrease 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. Even with the decrease this month there has still been an increase of $56/sf since June of 2021.
After decreasing for four consecutive months, the days on market for Mesa has increased, going from 21 DOM in May to 25 DOM in June. The days on market is still very low for Mesa, and that means that homes in Mesa, AZ will still be in high demand as we go through the summer of 2022.
The number of new listings has increased for the second straight month, going from 723 in April to 882 this June. This is the largest number of new listings in a month since before 2018. With this increase of new listings in Mesa, they are now 20.2% higher than they were in June of last year. The increase in inventory may just be because we are in the high season for home sales, or it 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 three straight months, going from 669 in March to 1,079 in June (a 61% increase in two months).
Active listings in Mesa have been trending higher the last three months, and the number of active listings is now 52.4% higher than they were in June of 2021.
The number of listings in Mesa is still low, 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 18.2% since June of 2021. With interest rates moving closer to 6.0%, there still should be more buyers looking to purchase a home in Mesa throughout the summer 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.