85032 Phoenix, AZ Housing Market

Trend

The median listing price in ZIP 85032 is $450,000, representing a month-over-month increase of 5.4% but a year-over-year decline of 5.1%. Active listings have increased by 4.5% year-over-year to 208 units, while new listings show a more substantial year-over-year increase of 17.6% to 80 units. Median days on market have decreased by 14.0% year-over-year to 49 days. The price-reduced share stands at 29.3%, down 3.2% year-over-year. The pending ratio is 0.34, a 4.5% year-over-year decline, with 70 pending listings.

Negotiating leverage

The year-over-year decrease in the pending ratio to 0.34 suggests a reduction in the pace of transactions. While median days on market have decreased, the substantial year-over-year increase in new listings (17.6%) points to growing inventory pressure. Combined with a year-over-year decline in the median listing price (-5.1%), these factors indicate diminishing price discipline compared to the previous year.

Luxury segment

The average listing price of $507,359 is 12.7% higher than the median listing price of $450,000, indicating a segment of higher-priced properties. The median price per square foot is $311, showing a modest year-over-year increase of 0.4%.