85041 Phoenix, AZ Housing Market

Trend

The market in 85041 continues to demonstrate a cooling trend. The median listing price has seen a modest MoM increase of 0.6% to $435,000 but remains down 3.2% YoY. Active listings have decreased by 3.2% YoY to 121, while new listings have surprisingly increased by 7.1% YoY to 60. Median days on market have risen slightly by 3.5% YoY to 45 days, indicating properties are taking longer to sell. The price-reduced share has increased by 1.9% YoY to 25.1%, suggesting sellers are adjusting expectations. The pending ratio has significantly declined by 13.2% YoY to 0.39, with 47 pending listings.

Negotiating leverage

The declining pending ratio of 0.39, coupled with an increase in days on market and a higher share of price reductions, indicates that buyer interest has softened. This suggests that buyers have greater flexibility in their negotiations, with less pressure to act quickly and more room for price discipline. For sellers, this environment requires a disciplined pricing strategy and patience, as the pace of transactions has decelerated, and inventory pressure has eased compared to the previous year.

Luxury segment

The luxury segment in 85041, as indicated by the spread between the average listing price ($496,199) and the median listing price ($435,000), shows a premium of $61,199. The median price per square foot for the overall market is $230, which is down 1.7% YoY. Data for $/sqft at the top of the market is not available to provide further luxury-specific insights beyond the average price premium.