As we head toward July, here’s an update for Mesa Real Estate activity –
MESA HOME PRICES RISING –
Did you know that median home values for Mesa neighborhoods rose 15% from this same time last year? Month-over-month the median sales price for the broad Santa Barbara area rose from $950,000 in 2014 to $977,700 in 2015. Whereas the median Mesa price is up from $1,120,500 in 2014 to $1,285,000 this year. As a Mesa home owner this may not come as a surprise.
Strong demand along with a scarcity of Mesa homes for sale means that values will likely continue to rise. If you are considering selling your home, now is a great time to be in the market. The chart below offers a quick glance of the Mesa Market with properties that are Active, Sold and Pended since May 1, 2015. As you can see the Days on Market (DOM) to go into escrow for well-priced homes is less than 16 days for Single Family Residences (SFR) and 8 DOM for condominium’s. The Prices are an average and the List to Sale (L/S) Ratio is the Listing price of the property compared to the price that the property actually Sold. The L/S Ratio average shows that buyers are paying close to or above the originally listed price. For instance, 1.00 is the list price, .99 is just under the list price and 1.01 is over list.
Mesa Homes, Active, Sold and Pended since 5/1/15
Home Type & Status |
Number of Listings |
Average DOM |
Average List Price |
Average Sold Price |
List to Sale Ratio |
SFR Active |
10 |
44 |
$1,430,889 |
|
|
SFR Closed |
14 |
16 |
$1,505,429 |
$1,493,000 |
0.99 |
SFR Pending |
2 |
86 |
$2,424,750 |
|
|
Condo Active |
4 |
38 |
$1,174,750 |
|
|
Condo Sold |
2 |
8 |
$790,500 |
$798,000 |
1.01 |
Condo Pending |
0 |
|
|
|
* (Source for all Data: Santa Barbara Association of Realtors Multiple Listing Service, Information is deemed reliable, but not guaranteed)
These statistics change constantly and are some of the tools we use to help sellers and buyers in making the best decisions about home prices. We are in a market that responds within 2 or 3 weeks to new listings. This makes it even more critical to identify and choose the right pricing strategy to ensure a home sells at the top of its market range. We work with sellers providing them with accurate knowledge of market conditions so that individual goals, timing and the best Pricing Strategy can be employed.
The following links show Active, Pended and Closed listings for SB Mesa (93109) since March 2015. This Chart format shows Average and Median prices: <A HREF=”http://www.flexmls.com/link.html?1575ycj7jd8b,1,1“> and List format to view individual info, photos, and maps: http://www.flexmls.com/share/IPD0/Selected
A significant opportunity exists for sellers on the Mesa. Homes that are priced fairly will attract more buyers, sell faster and for more money than those that are priced above the market. For most sellers, time on the market is not an ally; generally the longer a home stays on the market, the lower the List to Sale ratio. If you know someone who is considering selling their home please feel free to have them contact us to see how we can help with pricing and marketing to achieve the best return in the shortest amount of time.
Best wishes for a Happy 4th of July!
Scott & Maurie