Mesa’s average home sale price below Valley’s last month
The average price of a home sold last month in Mesa rose 11% over February 2023 to $545,660 but was well below the Valley-wide average of $580,689. The average home sale price in Mesa rose by 11% over February 2023 to $545,660, but was below the Valley-wide average of $580,689. Data provided by Phoenix REALTORS also showed that the median price of the 402 homes sold in February was $484,088, a 4.8% increase from a year ago. Despite this, the actual median price for Mesa sales was higher than the Valley median of $470,000. The number of homes for sale in the Valley nearly remained unchanged at 15,000 last month, up from about 5,500 two years ago and nearly 13,500 last year. The Cromford Report also noted that Phoenix and the East Valley still favor sellers, while Chandler and Glendale are the most favorable to sellers. Hopes remain high that mortgage rates will continue to decrease, but Sam Khater, Freddie Mac's chief economist, said there is a good possibility that rates will stay higher for a longer period of time.
Опубликовано : 4 недели назад от Paul Maryniak, Tribune Executive Editor в
The average price of a home sold last month in Mesa rose 11% over February 2023 to $545,660 but was well below the Valley-wide average of $580,689.
Data provided by Phoenix REALTORS also showed the median price of the 402 homes that were sold in February was $484,088 – a 4.8% increase from a year ago.
While percentage increase was below the 8% rise in the Valley-wide average, the actual median price for Mesa sales in February was higher than the Valley median of $470,000, according to the data.
The number of homes available for sale last month in Mesa virtually stayed the same as it was a year ago – defying a Valley-wide trend toward more homes going on the market.
Phoenix REALTORS said the number of homes for sale across the Valley topped 15,000 last month, up from about 5,500 two years ago and nearly 13,500 last year.
“As interest rates are dropping and buyer interest is rising, we’re starting to see more existing homeowners put their property up for sale,” said Sheryl Bowden, president of Phoenix REALTORS. “January showed promise, and February data continues that mode.”
“Overall, it’s too soon to call it a trend, but key numbers are holding steady, which could indicate the market is going to change,” Bowden added. “We started 2024 with anticipation that more home sales will close as interest rates continue to drop. So far, that thought is reflected in the data.”
Phoenix REALTORS is the Valley’s major real estate membership organization. With over 11,000 members, it boasts of being “including a clearinghouse of up-to-date research, statistics and data” that offer insights on marketplace trends.
The February numbers showed Mesa homesellers had some good news last month in days on the market and how close on average that the sale price came to their asking price.
Their homes stayed on the market an average 60 days before they sold – a 17.8% decline from the average 73 days homes waited for buyers in February 2023.
Sellers also on average got 98.5% of their asking price in Mesa last month – up .7% from last year and a bit above the average Valley-wide 98.2%, indicating haggling over price didn’t appear too successful for buyers last month.
The Cromford Report, a leading Valley housing market analyst, also reported that Phoenix and the East Valley still solidly favor sellers. Chandler and Glendale remain the first and second most favorable to sellers, respectively, according to the Cromford Report, followed by Gilbert, Fountain Hills and Mesa as the fifth most favorable to sellers. Tempe ranked eighth among the 17 Valley communities that the Cromford report monitors.
Hopes remain high that mortgage rates will continue inching downward, although Sam Khater, Freddie Mac’s chief economist, wasn’t so sure.
While noting two consecutive weeks of reclines in the 30-year fixed-rate home loan, Sam Khater, Freddie Mac’s chief economist, said in a statement. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”
But Bowden remained optimistic, stating, “The numbers are encouraging. We’re seeing what could be the start of a good year for buyers and sellers.”