Phoenix, AZ

The local market currently exhibits very weak conditions, characterized by significant year-over-year price depreciation and a low pending ratio. Inventory levels have seen an increase, while the median days on market suggest a notably slower pace of transactions.

The median listing price has experienced a substantial year-over-year decline of 17.9%, with a further 1.3% decrease in the most recent month. Despite this, new listings have surged by 30.0% year-over-year, contributing to a 4.0% increase in active listings. The median days on market have extended by 18.5% over the past year, now standing at 77 days. The pending ratio is currently 0.25, indicating that for every 100 active listings, 25 are pending sale, which represents a 1.0% increase year-over-year. The share of price-reduced listings is 35.1%, a slight decrease of 1.6% over the past year. The median price per square foot has also declined by 6.0% year-over-year.

The protracted median days on market and the significant year-over-year decline in median listing price suggest limited negotiating leverage for sellers. The rising new listings and active inventory, combined with a relatively low pending ratio, point to an environment where buyers may exercise greater price discipline and have more time to evaluate opportunities.

The average listing price of $647,374 is substantially higher than the median listing price of $389,999, indicating a notable premium for properties at the higher end of the market. The average listing price has seen a 4.0% increase year-over-year, contrasting with the median price's decline. The median price per square foot across all listings is $296.