85006 Phoenix, AZ Housing Market

Trend

The median listing price in ZIP 85006 is $475,000, representing a year-over-year decline of 9.5% and a month-over-month decrease of 1.8%. Active listings have fallen by 25.7% year-over-year to 52 units, while new listings also decreased by 25.0% year-over-year to 24. Median days on market increased by 10.8% year-over-year to 67 days, and the share of price-reduced listings is 40.0%, a year-over-year decrease of 11.2%. The pending ratio stands at 0.37, reflecting a year-over-year increase of 9.4%.

Negotiating leverage

The increasing median days on market and the year-over-year decline in median listing price suggest a market where buyers are exercising greater price discipline. While active and new listings have decreased year-over-year, the rising pending ratio indicates some sustained activity. However, the overall price trends indicate reduced urgency for buyers and increased inventory pressure for sellers.

Luxury segment

The average listing price of $518,615 is 9.2% higher than the median listing price of $475,000, indicating a segment of higher-priced properties within the market. The median price per square foot is $376, experiencing a 2.9% year-over-year decline.