85014 Phoenix, AZ Housing Market

Trend

The median listing price in 85014 experienced a substantial year-over-year decrease of 25.4%, settling at $447,500. This is despite a month-over-month increase of 6.0%. Active listings saw a modest year-over-year increase of 1.8% to 114, while new listings surged by 28.6% year-over-year, reaching 36. Median days on market extended by 19.3% year-over-year to 68 days, indicating a slower absorption of inventory. The share of price-reduced listings decreased by 15.5% year-over-year to 33.9%, which may reflect sellers adjusting expectations. The pending ratio, at 0.40, showed an 11.8% year-over-year improvement, yet the overall level suggests that demand is not significantly outstripping supply. The median price per square foot declined by 8.9% year-over-year to $309.

Negotiating leverage

The slower pace of sales, evidenced by the increased median days on market and a pending ratio that, while improved year-over-year, remains below levels indicating strong urgency, suggests that purchasers may have more time for due diligence and negotiation. The substantial increase in new listings contributes to inventory pressure, providing more options for prospective buyers. Sellers may need to demonstrate price discipline, as indicated by the year-over-year decline in median listing price and median price per square foot.

Luxury segment

The average listing price of $603,781 significantly exceeds the median listing price of $447,500, indicating a segment of higher-priced properties within the ZIP code. The average listing price also experienced a year-over-year decline of 18.4%.