In the past 60 days, more Mesa homes have come on the market at ever higher prices, with a smaller percentage going into escrow. The market is moving into a plateau stage as buyers momentarily get more power. This may last for weeks or months but is not a downturn. It is a periodic phenomenon in the real estate market.
Mesa sales are down 11 percent from last year’s pace and the inventory of homes waiting to sell has increased by 50 percent. A few Mesa sellers have had to undergo price reductions in order to sell. Does this mean that the rising market we have been enjoying has gone away? The short answer is, “No.” This happens periodically, and there is not a big enough shift in the market to indicate that we are on the brink of a downturn.
Increasing inventory is contributing to the picture that the market is changing. There are 35 available listings for sale in 93109, a record from the past four years. That is up from the 22 active listings we had just 60 days ago.
On the South Coast inventory is up 15 percent since last month. The overall South Coast single family housing inventory is up 45 percent from the levels of one year ago. This is good news. There are more homes to look at, and they are still somewhat restricted since nearly all the new listings are in the higher price ranges.
Buyers are feeling a bit of power as the pressure-ﬁlled spring market loosens. It takes an experienced agent to know exactly where to price a home in a market like this. Price too high and you waste time and money. My experience of 38 years selling homes on the Mesa strongly suggests that you end up selling for less than if you had set the right price to begin with.
This shifting market phenomenon is happening throughout the South Coast, although it is more pronounced on the Mesa because the run-up in prices stronger here. This is a normal marketplace. It is a time to pick the right real estate agent. Give me a call when you would like a free consultation about your home and its potential in the current market.
“I think the most important things to look for in a real estate agent today
are someone who (1) can deal effectively with the modern technology we all
have around us (web sites, cell phones, email, etc.); (2) can take charge and
get things done, getting estimates, giving advice, handling all scheduling
of multiple workers, etc.; and yet (3) while taking charge, will always keep
you, the seller, constantly updated on everything that is happening, why
it’s happening, the causes of any delays, rescheduling, etc. Scott Williams
handled all of these things well. It was an enormous weight lifted off of our
shoulders when we saw the way he not only took charge but also always
kept us informed. We would heartily recommend him to any else who
wants to see the process of selling run like clockwork!”
– Richard Johnson