Phoenix, AZ

The residential market in this ZIP code is currently classified as Very Weak. Notable metrics include a year-over-year decline in median listing price and a significantly reduced pace of new listings, alongside an increase in active inventory.

The median listing price currently stands at $419,500, reflecting a month-over-month decrease of 5.6% and a substantial year-over-year decline of 25.1%. While active listings have increased by 13.5% year-over-year to 101 units, new listings have seen a considerable contraction of 50.0% over the past year, now at 20 units. The median days on market is 75, a modest 3.5% increase year-over-year, indicating a slower absorption rate. The share of price-reduced listings is 33.8%, an increase of 7.6% over the past year. The pending ratio is 0.22, showing a marginal year-over-year increase of 0.4%, but still indicating a low level of transactional activity relative to active inventory. The median price per square foot is $303, down 10.2% year-over-year.

The current market dynamics suggest that properties are taking longer to move, as evidenced by a median days on market of 75 and a significant proportion of price reductions at 33.8%. The year-over-year decline in median listing price by 25.1% and the 50.0% reduction in new listings indicate a recalibration of pricing expectations and a cautious approach from potential sellers. The low pending ratio of 0.22, despite a slight year-over-year uptick, points to limited transactional velocity and pressure on pricing discipline, with available inventory significantly outpacing buyer commitments.

The average listing price of $591,881 significantly exceeds the median listing price of $419,500, indicating a segment of higher-priced properties within the total inventory. The median price per square foot is $303, while not specifically a luxury metric, provides a baseline for understanding value, especially when considering the qualitative aspects of premium properties.