85018 Phoenix, AZ Housing Market

Trend

The median listing price in 85018 has seen a substantial year-over-year decline of 31.7% to $1,194,500, despite a month-over-month increase of 6.2%. Active listings have increased by 6.5% year-over-year to 264, while new listings surged by 37.5% year-over-year to 88. Median days on market decreased by 15.0% year-over-year to 63 days, and the share of price-reduced properties rose by 3.1% year-over-year to 31.5%. The pending ratio stands at a low 0.22, with a year-over-year decrease of 1.0%.

Negotiating leverage

The current dynamics suggest a market where buyers have considerably more leverage. The significant year-over-year decline in median listing price, coupled with increasing active and new listings, indicates reduced price discipline among sellers. The low pending ratio and rising share of price reductions further contribute to this interpretation, suggesting a slower pace of transactions and inventory pressure favoring buyers.

Luxury segment

The luxury segment in 85018 shows a pronounced spread between the average listing price of $2,116,393 and the median listing price of $1,194,500. The average listing price also experienced a notable year-over-year decline of 17.9%. The median price per square foot is $533, reflecting an 8.7% year-over-year decrease.