Phoenix, AZ

The market in this ZIP code is currently characterized as Cooling, reflecting a deceleration in market pace and emerging inventory adjustments. While median listing prices have seen modest monthly gains, annual price growth has stagnated, and inventory dynamics suggest a shift in market equilibrium.

Active listings have observed an annual decrease of 8.8%, accompanied by a 10.0% reduction in new listings over the past year. This contraction in supply has not translated into heightened market velocity, as the median days on market, at 66, shows a slight annual improvement of 4.4%. The pending ratio stands at 0.32, indicating a moderate level of transactional activity relative to available inventory, and has seen an annual increase of 0.4%. The share of price-reduced listings has risen to 30.6%, an increase of 5.5% over the past year, pointing to a need for greater price discipline among sellers.

The current market dynamics suggest a cooling environment. The rise in price-reduced properties and the moderate pending ratio indicate that sellers are increasingly adjusting expectations to align with present demand. While inventory levels have decreased over the past year, the pace of sales does not exert significant pressure, affording buyers greater opportunity for negotiation and reducing urgency in decision-making.

The average listing price of $575,862 significantly exceeds the median listing price of $470,000, illustrating a notable premium for properties at the higher end of the market. While the median price per square foot is $261, the considerable spread between average and median listing prices suggests that luxury-segment properties command a substantial premium, potentially driving up the average without necessarily reflecting broad market appreciation.