Market Analysis for Mesa, AZ - June 2008

Mesa is following the valley's trend of a buyer's market. Current inventory has continued to see a slight decrease month over month and the current inventory is now at over 4,100 active listings. Median prices are down slightly from $243,500 to $235,000 while the average sold price for June was $215,000 for 1,797 square feet. The large number of foreclosed homes continues to drive prices downward. However the flip side is that opportunities abound.

The number of pending sales is also continue to show a slight increased and is currently at 626 with another 146 currently under contract. Closes sales finished in June with 486 homes sold. An interest twist to this are the number of Expireds and Cancelled listings. This number has dropped for the second consecutive month, these numbers are also less than the same period in 2007 meaning that sellers are more realistic on their pricing and the the homes for sale truly need to sell. There is less "testing of the waters".

Mesa currently has about a 12 month supply of homes available. The good news is that sales increased over May by about 2%. The average price for June is the lowest in 36 months and does not follow the trend of the past 2 years where we saw prices increase or remain the same in the month of June. The final good news is that the average list to sale price increased to about 95.3% as buyers and sellers are coming closer togather on price.

Mesa is still in a strong "buyer's market" as the inventory is great, prices are amazing, and many sellers, including banks, are willing to provide down payment and/or closing assistance.