The average purchase price of a single family residence purchased in July was $213,000, which equals $116 per square foot, down to early '05 prices. Average price per square foot hit a high of $169 in March 06 and has declined 31% since then. Now that prices are again hitting an affordable level sales are picking up. This is helping get inventory down and back to a balanced market. Inventory had been hitting new all time highs in 2006-7, but has stabilized at around 3200 listings. At the current rate of sale, this represents about 8 months of supply, still somewhat higher than a balanced market, which is about 5-6 months' supply, but we seem to be on track to return to balance.
Would you like to know what the home down the street sold for? For a free, no-obligation report, send me an email or give me a call and I'll send out a list of comparable properties in your area and what they sold for. Would you like to receive a list of all the houses for sale that meet your exact criteria? My free, no-obligation, home hunter service will let you know the day a new listing hits the market, so you'll never miss out on the perfect house.
Location Characteristics: Mesa is a community of mostly middle class housing, with a few high-end areas and a relatively large quantity of apartments and condos, keeping the affordability index high. There are plenty of stores, restaurants, parks, and churches. I would characterize Mesa as a familty-oriented community.
About Susan Kessler:
I care about you and your needs. The information I provide is factual, not hyped. Real estate can be a great investment, but it was never meant to be a short-term proposition. Buy and hold is the way to go, so never buy something you would be sorry to be stuck with.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
