Phoenix, AZ

The ZIP code currently exhibits a Very Weak market condition. Median listing prices have experienced a significant decline year-over-year, alongside increases in active and new listings. A low pending ratio further underscores suppressed demand, despite a slight decrease in days on market for active listings.

The market is characterized by notable year-over-year softening. The median listing price has contracted by 8.4% over the past year, with the median price per square foot also down by 8.0%. Active listings have expanded by 23.2% and new listings by 30.8% over the same period, indicating a substantial influx of available inventory. While the median days on market decreased by 7.5% year-over-year, the pending ratio of 0.21, a 4.9% decline from the prior year, suggests a weakening pace of absorption relative to the growth in supply.

The current dynamics point to increased negotiating leverage for prospective buyers. The expanding inventory, evidenced by the year-over-year increases in both active and new listings, coupled with a contracting pending ratio, indicates less urgency for buyers. This environment may afford buyers more time for due diligence and potentially more favorable pricing. Sellers, facing a larger pool of available properties and softer demand, are likely experiencing greater pressure on price discipline and extended marketing timelines.

A substantial spread exists between the average listing price of $819,545 and the median listing price of $549,450, suggesting a significant presence of higher-end properties that elevate the average. The median price per square foot currently stands at $354.