Phoenix, AZ

The ZIP code 85022 housing market is currently exhibiting cooling dynamics. While inventory levels have increased year-over-year, median listing prices have seen a notable decline over the past year, and the pending ratio suggests a more deliberate pace of transactions.

In the most recent month, the median listing price stands at $464,500, reflecting a marginal month-over-month increase of 0.4% but a more significant year-over-year decline of -8.1%. Active listings have expanded by 19.1% over the past year to 150 units, complemented by a substantial 85.7% year-over-year increase in new listings to 52. Properties are spending less time on the market, with median days on market at 56, a -13.9% year-over-year reduction. The share of price-reduced listings is 31.0%, down -5.8% year-over-year. The pending ratio is 0.26, indicating a slight year-over-year decrease of -0.2%.

The expansion in active listings and new inventory, alongside a declining median listing price over the past year, points to a market with increasing options for prospective purchasers. The pending ratio of 0.26, despite a decrease in days on market, suggests that while transactions are occurring, the overall pace of absorption relative to active inventory is not driving significant pressure for immediate offers. This environment favors more disciplined pricing from sellers to align with prevailing market values, and affords purchasers greater opportunity for negotiation and evaluation.

The average listing price of $533,200 is notably higher than the median listing price of $464,500, indicating a segment of properties listed at a premium. While the median price per square foot is $283, the average listing price suggests that higher-end properties, despite a -3.6% year-over-year change for the average listing price, command a premium over the median, influencing the overall market valuation spread.