Have Mesa home prices hit bottom?

Trying to predict the bottom of the real estate market is just about impossible.  It makes me laugh that so many so-called experts keep throwing out dates of a market recovery.  First it was the end of 2008, then the first of 2009.  Some are now saying 4th quarter 2009 or first of 2010.  Whatever. 

I was was a full time Realtor when the market went berserk 5 years ago completely without warning.  I was also here when the flurry of buyer activity started to dwindle 3 years ago.  All I know is everyone was an expert…after the fact.

I’ve been tracking home prices and sales activity for the Phoenix East Valley for well over a year and I post that information on my website weekly. Check out the chart below which shows the average list prices in Mesa over the last year.  I can tell you the number of active listings in Mesa has fallen and average list price has begun to rise.  Could it be a false alarm?  Or will we be saying “Yep, that was the bottom.”?

  Stay tuned….

mesa home prices