Phoenix, AZ

The market in this ZIP code is currently characterized as Very Weak. The median listing price has experienced a significant year-over-year decline of 24.4%, with a further 7.7% reduction observed in the most recent month. Active listings have expanded considerably, up 20.3% over the past year, while new listings have also seen a notable increase of 30.8% year-over-year. The pending ratio stands at 0.22, reflecting a substantial reduction in buyer activity relative to available inventory.

Over the past year, the market has seen a notable increase in supply, with active listings rising by 20.3% and new listings by 30.8%. This expansion in available properties coincides with a significant adjustment in pricing, as the median listing price has declined by 24.4% year-over-year and 7.7% month-over-month. Despite these price adjustments, the median days on market has decreased by 13.1% year-over-year, indicating a slightly faster absorption rate for properties that do sell. However, the pending ratio of 0.22, down 0.8% year-over-year, suggests a contraction in the pace of transactions relative to the available inventory.

The current market dynamics indicate a significant recalibration of pricing and a marked increase in available supply. With the median listing price showing a considerable year-over-year decline and a sustained month-over-month reduction, price discipline has become a critical factor. The pending ratio of 0.22, coupled with an increase in active listings, suggests reduced competition among buyers and increased negotiating leverage for those prepared to transact. While properties that close may do so slightly faster, the overall inventory pressure points to a need for sellers to align pricing with prevailing market conditions to secure a transaction.

The average listing price, at $1,981,394, is considerably higher than the median listing price of $1,050,000, indicating a substantial presence of higher-end properties. The median price per square foot is $500. This spread between average and median pricing highlights the market's luxury segment, where price points can significantly exceed the typical market offering.