Mesa AZ Real Estate Housing Market Report - March 2022
The average sales price may have decreased, but the sales price per square foot of Mesa homes has either remained the same or has continued to climb for 27 consecutive months now. The price per square foot of Mesa homes continues that trend into 2022, increasing from $265/sf in February to $274/sf for March. This is a significant increase of $57/sf since March of 2021.
After increasing for two consecutive months, the days on market for Mesa has decreased for the second straight month, going from 32 DOM in January to 25 DOM in March. This is the third year in a row that DOM has decreased in February and March to start off a new year. The days on market is still extremely low for Mesa, and that means that homes in Mesa, AZ will still be in high demand early in 2022.
After decreasing last month, the number of new listings for March saw an increase from 571 in February to 726 this month. This is the fifth year in a row that new listings have increased in March. With this increase of new listings in Mesa, they are now -0.1% lower than they were in March of last year.
There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. The number of active listings has decreased for the fifth straight month, going from a 2021 high of 907 in October to 624 in March this year. Even though active listings in Mesa have been trending lower, the number of active listings is actually 0.8% higher than they were in March of 2021. To represent how low Mesa inventory is right now, the current inventory of homes for sale is down -58.9% from March of 2019.
The number of listings in Mesa is extremely low, and the lack of listings continues to drive demand and home prices higher. Median home values in Mesa have increased an average of 28.9% since March of 2021. With interest rates moving just over 4.25%, there still should be more buyers looking to purchase a home in Mesa early on in 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.