Mesa AZ Real Estate Housing Market Report - May 2022
The average sales price per square foot of Mesa homes has either remained the same or has continued to climb for 29 consecutive months now. The price per square foot of Mesa homes increased from $283/sf in April to $294/sf for May. This is a significant increase of $64/sf since May of 2021.
After increasing for two consecutive months, the days on market for Mesa has decreased for the fourth straight month, going from 32 DOM in January to 21 DOM in May. The days on market is still extremely low for Mesa, and that means that homes in Mesa, AZ will still be in high demand as we head into the summer of 2022.
After decreasing last month, the number of new listings for May saw a fairly decent increase, going from 723 in April to 790 this May. This is the largest number of new listings in a month since March of 2019. With this increase of new listings in Mesa, they are now 7.8% higher than they were in May of last year. The increase in inventory may just be because we are in the high season for home sales, or it may mean that there is a shift occurring in the housing market.
There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. After decreasing for five straight months, the number of active listings in Mesa has increased for two straight months, going from 669 in March to 796 in May.
Active listings in Mesa have been trending higher the last two months, and the number of active listings is now 20.1% higher than they were in May of 2021.
The number of listings in Mesa is still low, and the lack of listings continues to drive demand and home prices higher. Median home values in Mesa have increased an average of 25.8% since May of 2021. With interest rates moving just over 5.25%, 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.