Annual Real Estate Report for Mesa, Arizona 85207
Since the real estate bust 10 years ago, the real estate sales market appears to be recovering at a healthy pace. And it is easy to look at the short term movement of the real estate market as it skyrocketed from 2003 to 2007 and then crashed from 2007 to 2010, only to begin a rapid climb again to its present condition. What we now see is a market that is healthy with modest home value growth of 4.8% in the 85207 area for 2016. This growth is in line with the 15-year growth of the area, which accounting for the boom-bust-recovery cycle, showed a 5.4% per annum increase from 2002 through 2016.
Last year, the Northeast Mesa area saw 964 homes sold at a median price of $285,000, meaning half of the homes sold for less and half for more. 82% of sales activity was for home sales of $450,000 or less. Homes under $450,000 had a median time on market of 52 days and homes over $450,000 had a median time on market of nearly twice that time, or 97 days. As one might expect, homes that are less expensive sell more frequently and in less time.
Of course, no chart can fully explain the value of your home. If you would like a no-cost, accurate assessment of your home’s value, contact us at (480) 694-1619.