Market Update – Mesa Single-family Homes in February 2014
In the month of February, 415 single-family homes in Mesa closed escrow with a median home value of $177,000. This marks an 8.6% increase over the same period in 2013, which had a median value of $163,000. While home values continue to show an increase, the rate of appreciation is steadying to a more reasonable and sustainable amount. The median time on market—the time from the initial listing until the home was placed under contract—was 52 days, which is up from 32 days for February 2013. Again, this number verifies a slowing of the market. A third indicator of the market is the rate at which current inventory is being sold. The index for the month of February is 3.7, indicating there is 3.7 months of inventory at the current consumption rate and, more significantly, shows a balanced market. A balanced real estate market is one in which neither buyers nor sellers have the upper hand; instead, a sense of normalcy permeates the market. Balanced markets are also indicative of transitions between one market and the next, suggesting that buyers may be the next group to hold the upper hand.