Sales of single-family homes in Mesa were relatively steady in August with no change in home values ($129,000 in July versus $128,900 in August) and an increase of home sales in August of 9% over the previous month.
This continues the trend of a wait-and-see recovery as buyers seek out value and sellers, including lenders who own property, attempt to minimize their equity losses. Currently, there is a 4.7 months supply of single-family homes in Mesa indicating a balanced market (anywhere between 3 to 5 months supply is considered balanced; less is a seller’s market, more is a buyer’s market).
While values in Mesa are down over the last one-year period by 2.3%, they are relatively flat over last few months. We see this as good news and evidence of a stabilizing market.
Note: When viewing the table to the right that the sample sizes of individual zip codes (and communities) are relatively low and can see significant changes in median values from month to month. To find out specifically what is happening in your community, just let us know and we’ll be happy to share our information.
85207 Sales for August (pdf 691k)
Alex Casteel is owner of Casteel Real Estate Professionals, a real estate brokerage serving the communities of Mesa, Arizona, and the Phoenix metropolitan area. Alex is a Certified Distressed Property Expert and earned an MBA from the W. P. Carey School of Business at Arizona State University.