Mesa AZ Real Estate Housing Market Report - November 2022
After increasing last month, the average sales price of homes in Mesa decreased in November, going from $548,933 in October to $509,274 this month. The average sales price of Mesa homes has decreased in five out of the last nine months, but this is the lowest it has been all year.
The average sales price per square foot of Mesa homes has decreased six straight months after remaining the same or increasing for 29 consecutive months. The price per square foot of Mesa homes has decreased from $294/sf in May to $259/sf in November. Even with the decreases over the last six months there has still been an overall increase of $8/sf since November of 2021.
After decreasing for four consecutive months, the days on market for Mesa has also increased six months in a row, going from 21 DOM in May to 59 DOM in November (almost tripling). The increasing days on market for Mesa is a sign that demand is slowing as we head into the winter.
The average sales price per square foot of Mesa homes has decreased six straight months after remaining the same or increasing for 29 consecutive months. The price per square foot of Mesa homes has decreased from $294/sf in May to $259/sf in November. Even with the decreases over the last six months there has still been an overall increase of $8/sf since November of 2021.
After decreasing for four consecutive months, the days on market for Mesa has also increased six months in a row, going from 21 DOM in May to 59 DOM in November (almost tripling). The increasing days on market for Mesa is a sign that demand is slowing as we head into the winter.
After seeing two consecutive increases, home sales in Mesa have decreased two months in a row, going from 443 in September to 310 this month. Total sales for November are the lowest they have been since before 2018. Mesa home sales this month are lower than in November of last year by -51.6%.
After increasing for two straight months, the number of new listings in Mesa have now decreased for five straight months, going from 882 in June to 447 in November. With this decrease of new listings in Mesa, they are now -24.0% lower than they were in November of last year. The number of homes being listed tends to trend lower this time of year, but they are more than 100 listings less than in November of the previous 2 years.
The inventory of homes has caught up with demand, and that signifies that home price increases are slowing, if not leveling off. After increasing for seven straight months, the number of active listings in Mesa has decreased in November, going from 1,643 in October to 1,552 in November. With the decline, this is the second highest inventory of Mesa homes for sale over the last four years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale as we head into winter. The number of active listings is still 77.2% higher than they were in November of 2021.
Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic. Median home values in Mesa have increased an average of 4.5% since November of 2021. With interest rates ranging right around 6.5%, the demand for purchasing a home in Mesa is slowing.
After increasing for two straight months, the number of new listings in Mesa have now decreased for five straight months, going from 882 in June to 447 in November. With this decrease of new listings in Mesa, they are now -24.0% lower than they were in November of last year. The number of homes being listed tends to trend lower this time of year, but they are more than 100 listings less than in November of the previous 2 years.
The inventory of homes has caught up with demand, and that signifies that home price increases are slowing, if not leveling off. After increasing for seven straight months, the number of active listings in Mesa has decreased in November, going from 1,643 in October to 1,552 in November. With the decline, this is the second highest inventory of Mesa homes for sale over the last four years.
This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale as we head into winter. The number of active listings is still 77.2% higher than they were in November of 2021.
Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic. Median home values in Mesa have increased an average of 4.5% since November of 2021. With interest rates ranging right around 6.5%, the demand for purchasing a home in Mesa is slowing.
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.
When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.
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.
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.
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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