Mesa AZ Real Estate Housing Market Report - October 2022
The average sales price per square foot of Mesa homes has decreased five 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 $265/sf in October. Even with the decreases in the last five months there has still been an increase of $14/sf since October of 2021.
After decreasing for four consecutive months, the days on market for Mesa has also increased five months in a row, going from 21 DOM in May to 48 DOM in October (more than doubling). The days on market is still fairly low for Mesa, and that means that homes in Mesa, AZ are still in high demand as we head into the winter.
After increasing for two straight months, the number of new listings in Mesa have now decreased for four straight months, going from 882 in June to 546 in October. With this decrease of new listings in Mesa, they are now -29.4% lower than they were in October of last year. The number of homes being listed tends to trend lower this time of year, so this is not out of the ordinary.
The inventory of homes has caught up with demand, and that signifies that home price increases will begin to slow. After decreasing for five straight months, the number of active listings in Mesa has increased for seven straight months, going from 695 in March to 1,631 in October (a 135% increase in seven months). This is the highest inventory of Mesa homes for sale over the last four years.
Active listings in Mesa have been trending higher the last five months, and the number of active listings is now 93.8% higher than they were in October of 2021.
The Mesa housing inventory has gone from very low to higher than it has been since before 2018 in a short five months and continues to increase. 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 9.5% since October of 2021. With interest rates moving to around 7.0%, the demand for purchase a home in Mesa is slowing as we head into the winter months.
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.