Market Conditions - July 28, 2006 by Carla L. Davis
Mesa, Arizona, is the third largest city in Arizona (population 450,000). And with a healthy local economy, it continues to attract new residents. The average selling price is $265,781. Homes are on the market around 40 to 60 days -- a traditional sign of a sellers market, though with a slowed market pace, many experts are reporting it as a buyers market at this time. Sellers can also expect to get 99 percent of their asking price. Average home prices are increasing. Notes one expert, that despite a slowdown in sales (felt in much of the country at this time) the median price increased from $195,250 a year ago to $245,900. Local experts note that Mesa homes range widely in style and pricing. There are expansive master planned communities, new development opportunities, and mature neighborhoods. They also report, "The three A's are factors that have perpetuated Mesa's growth. Affordability, amenities, and the annual influx of retirees and visitors. Affordable houses allow both individuals just starting out and retirees the ability to select Mesa as their home. Shopping, recreational facilities, educational institutions, and cultural events are just some of the amenities that Mesa residents enjoy year round. With all of this, it isn't surprising that Mesa draws so many people. The city brings people in who are searching for the right place to live. Mesa has it all." All of these factors point to a very healthy market. In fact, in May 2006, the National Association of Realtors reported that "the largest single-family home price increase was in the Phoenix-Mesa-Scottsdale area of Arizona, where the first quarter price ... rose 38.4 percent from a year ago." |
