Mesa AZ real estate for sale has continued its strong comeback as prices move up again in June. The local real estate market started its directional change last September and has continued positive since then.
What this means is that we are now officially in a seller’s market. This will see Mesa AZ real estate for sale produce the following:
- Higher sale prices (May = $154,833) (June = $158,711)
- Higher list prices (May = $186,522) (June = $190,705)
- Continued low inventory (May = 2370) (June = 2215)
- Shorter days on market (DOM) (May = 75) (June = 64)
- Fewer foreclosures
There are four key factors leading the Mesa AZ real estate to see prices move up
1. Low inventory: This trend will continue as buyer demand stays strong and short sales are completing prior to foreclosure. Many homeowners are too upside down to sell their existing homes even though they would be candidates in a normal market to move up to a larger home or downsize into a smaller one.
2. Low interest rates: Low interest rates are making it very affordable for buyers to move out of the rental market and into home ownership. This trend looks to continue at least through the 2012 presidential election.
3. High Buyer Demand: Partially because of interest rates but also favorable pricing of homes is keeping buyer demand up. Another factor adding to the volume of buyers is that many who had short sales two plus years ago are now back in the market for homes. Investors are also trying to buy before prices reset fully to pre-boom levels, buying up everything they can get under contract.
4. Stabilizing Appraisal Values: Appraisal values are beginning to catch up to market prices. Since appraisal value is always trailing, being based on previous home sales, there is always an issue with borrowed money competing with cash and true market value (what a buyer will pay and a seller will sell for).
Yes this is a seller’s market for Mesa AZ real estate for sale. If you are considering selling your home or if you are upside down and owe more than your house is worth and need to short sale. You should act now!
For a FREE no obligation and confidential consultation - contact me by e-mail scott@reScottAZ.com or by phone at 602-753-2900. Visit my Seller’s information page:
Let the #1 Listing and Selling agent at Crown Key Real Estate get you home SOLD!
