Phoenix, OR

The local housing market exhibits accelerated conditions, primarily driven by a significant year-over-year increase in the pending ratio. While active listings have declined, pricing remains stable with some deceleration in the median listing price month-over-month.

The pending ratio, currently at 0.69, has seen a substantial year-over-year increase of 29.9%, indicating a faster absorption of available inventory. Active listings have decreased by 11.1% year-over-year to 16 units, contributing to tighter market conditions. New listings remain consistent year-over-year at 4 units. Median days on market have decreased by 7.6% year-over-year to 61 days, suggesting properties are spending less time on the market. The median listing price stands at $425,000, registering a modest month-over-month decline of 1.5% but remaining flat year-over-year. The share of price-reduced listings has decreased by 3.3% year-over-year to 24.2%.

The marked increase in the pending ratio, coupled with a reduction in active listings, points to an accelerated pace of sales activity. This dynamic suggests that buyers are facing increased competition for available properties, necessitating prompt decision-making. The decrease in median days on market further underscores this heightened pace, potentially limiting opportunities for extended negotiations. Despite this, the stable year-over-year median listing price suggests a degree of price discipline is maintained within the market, while the month-over-month decline indicates some recalibration.

The average listing price of $424,589 is slightly below the median listing price of $425,000, indicating a relatively uniform distribution of property values without a significant high-end skew impacting the average. The median price per square foot is $256, reflecting general market value, without specific data available for the highest-tier properties.