85008 Phoenix, AZ Housing Market

Trend

The median listing price in ZIP 85008 has seen a substantial year-over-year decline of 20.2% to $395,000, and a 1.6% decrease month-over-month. Active listings have increased by 34.6% year-over-year, reaching 105 properties. New listings have decreased by 14.3% year-over-year, with 24 properties. Properties are remaining on the market for an extended period, with the median days on market rising 29.4% year-over-year to 66 days. The price-reduced share stands at 36.4%, a slight year-over-year decrease of 1.1%. The median price per square foot is $302, down 3.4% year-over-year.

Negotiating leverage

The pending ratio, at 0.22, reflects a 16.6% year-over-year decrease, indicating a significant slowdown in the absorption of available inventory. The increased supply of active listings and a longer median days on market suggest that sellers face reduced pricing power and may need to exercise greater price discipline to attract potential buyers. Buyers, in contrast, have a slower pace to consider options, lessening competitive pressure.

Luxury segment

The average listing price of $506,514 is notably higher than the median listing price of $395,000, indicative of a segment of higher-priced properties within the total listings. The median price per square foot is $302, with a year-over-year decrease of 3.4%.