Phoenix, AZ

The ZIP code is currently categorized as Very Weak. The market exhibits significant downward pressure on pricing metrics and inventory absorption, pointing to an environment favoring disciplined evaluation for potential transactions. The pending ratio has declined considerably over the past year, indicating a substantial reduction in the pace of transactions relative to available supply.

The median listing price shows a year-over-year decline of 1.2%, consistent with a similar month-over-month decrease of 1.2%. Average listing price has seen a more pronounced year-over-year reduction of 5.0%. While active listings have increased by 17.1% over the past year, new listings have decreased by 7.7% during the same period. The median days on market have slightly decreased by 6.7% year-over-year, yet the share of price-reduced listings has grown by 5.1% year-over-year, reaching 31.3% of the market. The median price per square foot has experienced a 1.1% year-over-year decline.

The pronounced year-over-year decline in the pending ratio by 15.6% to 0.24, alongside a significant increase in active listings, indicates reduced inventory pressure and a market where transaction pace is slow relative to available supply. The rising share of price-reduced listings suggests that sellers are employing price discipline to attract offers, while declining median and average listing prices further emphasize a challenging environment for seller pricing power.

The considerable spread between the median listing price ($424,995) and the average listing price ($490,613) suggests a segment of higher-priced properties influencing the overall market valuation. The median price per square foot currently stands at $228.