A Look at the Real Estate Market in Mesa, Arizona

The real estate landscape in Mesa, Arizona, is showing signs of improvement after a very challenging 2023, primarily marked by high interest rates and limited inventory. Dayv Morgan, a real estate agent with HomeSmart Premier, one of the leading agencies in Maricopa County, believes that interest rates will decrease, allowing the city and county markets to become more dynamic. Morgan also anticipates that mortgage rates will drop to 6% by the end of the year, currently hovering around 7%, and notes that due to the low activity in the second half of the previous year, a large number of homes are still available on the market.

Dayv Morgan continued, “Since inventory remains relatively high, I expect prices to rise slightly in the second quarter, but not excessively.” To discuss some figures, at the end of 2022, the Maricopa market had approximately 600 homes listed, and by the end of 2023, there were 500 homes on the market. Just remember the peak of the Maricopa market with 700 active listings in October 2022, a sharp increase from just 150 in March of that year. Additionally, by monitoring municipal building permits for the development of new homes, Morgan deduces that there will be an increase in inventory and recognizes that many homeowners are holding onto their properties due to securing mortgage rates as low as 3%.

Arizona real estate agents are hopeful, as they anticipate a favorable remainder of 2024 for housing in the city of Mesa and the state of Arizona in general, characterized by new developments that will benefit both buyers and sellers. For example, Shelley Ostrowski, president of the Arizona Association of Realtors, also supports a drop in interest rates that will attract more buyers to the real estate market, and when these stabilize, the region is expected to have a solid market again. Sindy Ready, president-elect of Arizona Realtors for 2024 and associate broker at RE/MAX Excalibur, also expects a decrease in interest rates as 2024 progresses, which will generate more market activity. Ready also states, “Although inventory may be lower than usual at this time, interest rates are expected to fall to a historically normal range of 6% to 6.5% by the next quarter, which will attract more buyers.”

Available Foreclosures:

Mesa: 120 homes available.

Maricopa: 85 homes available.

By Elías DaSilva | 21 de octubre de 2024