Mesa AZ Real Estate Housing Market Report - March 2023
After decreasing for 4 months in a row, the average sales price of homes in Mesa has increased this month, going from $491,497 in February to $514,639 in March.
The average sales price per square foot of Mesa homes also increased after remained the same between January and February. The price per square foot of Mesa homes went from $253/sf in February to $258/sf in March.
After decreasing last month, the days on market for Mesa has increased in March, going from 73 DOM in February to 75 DOM this month. Days on market for Mesa is relatively low compared to a more balanced housing market, but higher than it has been in the last 5 years for the spring.
The average sales price per square foot of Mesa homes also increased after remained the same between January and February. The price per square foot of Mesa homes went from $253/sf in February to $258/sf in March.
After decreasing last month, the days on market for Mesa has increased in March, going from 73 DOM in February to 75 DOM this month. Days on market for Mesa is relatively low compared to a more balanced housing market, but higher than it has been in the last 5 years for the spring.
After decreasing in January, home sales in Mesa have increased two months in a row, going from 350 in January to 568 in March. Total sales for March are still the lowest they have been in that month since before 2018. Mesa home sales this month are lower than in March of last year by -20.8%.
After decreasing last month, the number of new listings in Mesa increased this month, going from 444 in February to 507 in March. With this increase of new listings in Mesa, they are still -30.9% lower than they were in March of last year, and lower than any other March since at least before 2018.
After increasing for seven straight months, the number of active listings in Mesa has decreased for the 5th straight month, going from 1,667 in October to 1,031 in March. Even with the decline, this is the highest inventory in March over the last 3 years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale due to the higher interest rates. Even with the recent decline, the number of active listings is still 48.3% higher than they were in March of 2022.
Demand is still high and the number of homes for sale is low. This is partially due to inflation as well as higher mortgage interest rates. Median home values in Mesa have decreased an average of -6.1% since March of 2022. This is the 4th decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 6.25%, fewer homeowners are putting their homes up for sale.
After decreasing last month, the number of new listings in Mesa increased this month, going from 444 in February to 507 in March. With this increase of new listings in Mesa, they are still -30.9% lower than they were in March of last year, and lower than any other March since at least before 2018.
After increasing for seven straight months, the number of active listings in Mesa has decreased for the 5th straight month, going from 1,667 in October to 1,031 in March. Even with the decline, this is the highest inventory in March over the last 3 years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale due to the higher interest rates. Even with the recent decline, the number of active listings is still 48.3% higher than they were in March of 2022.
Demand is still high and the number of homes for sale is low. This is partially due to inflation as well as higher mortgage interest rates. Median home values in Mesa have decreased an average of -6.1% since March of 2022. This is the 4th decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 6.25%, fewer homeowners are putting their homes up for sale.
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 considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.
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.
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.
Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others."
Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee
Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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