Phoenix, AZ

The housing market in ZIP 85085 is currently in a cooling phase. The median listing price has shown modest appreciation over the past year, while the pending ratio indicates a reduction in sales velocity. Inventory levels have increased, contributing to a less competitive environment.

The median listing price in ZIP 85085 stands at $687,000, reflecting a 0.9% increase month-over-month and a 1.8% rise year-over-year. Active listings have expanded by 11.6% over the past year to 144 units, while new listings have seen a substantial contraction of 40.0% year-over-year. The median days on market has lengthened by 8.8% year-over-year, now at 74 days. The share of price-reduced listings is 31.6%, a slight decrease of 0.9 percentage points year-over-year. The median price per square foot is $284, a decrease of 1.8% over the past year. The pending ratio is 0.40, a negligible 0.1 percentage point increase year-over-year.

The pending ratio of 0.40 suggests a slower pace of transactions relative to available inventory, indicating reduced competitive pressure. The increasing median days on market and the rise in active listings provide buyers with more options and potentially greater leverage in negotiations. The decline in new listings, however, could temper the growth of total inventory over time, but currently, market dynamics lean towards a more measured pace for transactions.

The average listing price of $774,884 significantly exceeds the median listing price of $687,000, suggesting a robust top tier within the market. The median price per square foot is $284, indicating a differential pricing structure across various property segments in the ZIP code. The year-over-year increase in the average listing price, at 2.2%, outpaces the 1.8% growth in the median listing price, highlighting sustained value at the higher end of the market.