Phoenix, AZ

The ZIP code 85037 market is currently experiencing an Accelerated condition, characterized by a significant year-over-year increase in the pending ratio, indicating robust demand against a backdrop of declining new listings and a stable median listing price.

The pending ratio currently stands at 0.64, a notable increase of 26.1% over the past year, suggesting an uptick in contract activity. This trend is occurring while new listings have decreased substantially by 30.8% year-over-year. Active listings show a modest increase of 5.8% over the past year. The median listing price has demonstrated a 2.0% increase year-over-year, though a slight month-over-month decline of 1.8% was observed in the most recent period. Days on market have extended by 19.6% year-over-year to 61 days, yet the share of price-reduced listings has slightly decreased by 1.6% over the past year, currently at 28.8%.

The substantial year-over-year increase in the pending ratio suggests a heightened pace of transactions and reduced inventory pressure. While new inventory remains constrained, this dynamic grants some price discipline to sellers. However, the extension of median days on market indicates that competitive pricing and strategic positioning remain crucial for sellers to achieve optimal outcomes.

The average listing price of $384,027 is narrowly above the median listing price of $382,500, indicating a relatively compressed distribution of pricing across the market. The median price per square foot is $232, which has seen a 3.0% decline over the past year.