Mesa AZ Real Estate Housing Market Report - September 2022
The average sales price per square foot of Mesa homes has decreased four 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 $272/sf in September. Even with the decreases in the last four months there has still been an increase of $22/sf since September of 2021.
After decreasing for four consecutive months, the days on market for Mesa has increased four months in a row, going from 21 DOM in May to 43 DOM in September (more than doubling). The days on market is still very low for Mesa, and that means that homes in Mesa, AZ are still in high demand as we head into the fall.
After increasing for two straight months, the number of new listings in Mesa have now decreased for three straight months, going from 882 in June to 658 in September. With this decrease of new listings in Mesa, they are now -11.1% lower than they were in September of last year. The number of homes being listed is decreasing which is a signal that a shift is happening in the housing market.
The inventory of homes is catching 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 six straight months, going from 695 in March to 1,598 in September (a 130% increase in six months).
Active listings in Mesa have been trending higher the last five months, and the number of active listings is now 76.4% higher than they were in September of 2021.
The Mesa housing inventory has gone from very low to higher than it has been since before 2018 in a short six months. Demand is still there but increases in home prices are slowing the market. Median home values in Mesa have increased an average of 10.3% since September of 2021. With inflation rising and interest rates moving above 6.3%, there still should be more buyers looking to purchase a home in Mesa this fall, but it is slowing down.
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.