Phoenix, AZ

The ZIP code is currently experiencing a Cooling market phase. Key indicators suggest a deceleration in market activity and price growth. The pending ratio stands at 0.30, with a modest year-over-year increase, alongside a negative year-over-year growth in both median listing price and median price per square foot. Active listings have also decreased over the past year, indicating constrained inventory despite slower absorption.

The market is showing clear signs of cooling. The median listing price declined 5.3% month-over-month, though it saw a 4.9% increase over the past year. Median price per square foot decreased 1.6% year-over-year. Active listings decreased 10.3% year-over-year to 210 units, while new listings saw a more substantial 14.3% year-over-year decline. Median days on market remained relatively stable, declining 2.7% over the past year to 71 days. The share of price reductions was 25.3%, a slight 0.4% decrease year-over-year. With 62 pending listings and an overall pending ratio of 0.30, the market demonstrates a slower pace of transactions relative to available inventory.

With a pending ratio of 0.30 and a month-over-month decline in median listing price, negotiating leverage is shifting towards a more balanced position. Buyers may experience less urgency, benefiting from a sustained period of consideration, evidenced by a modest year-over-year increase in the pending ratio and steady days on market. While inventory is lower than the prior year, the slower pace of sales limits upward price pressure, suggesting a market where price discipline is becoming more pronounced.

The average listing price of $821,861 is notably above the median listing price of $750,000, indicating a distinct high-end segment influencing overall market values. This spread suggests that premium properties command significantly higher values within the ZIP code. The median price per square foot is $290, which, combined with the average listing price, points to larger or more amenity-rich properties at the top of the market. The year-over-year performance for the average listing price shows a 1.1% increase, slower than the median, suggesting potential differentiation in demand across price points.