85086 Phoenix, AZ Housing Market

Trend

The median listing price in 85086 saw a slight month-over-month decrease of 0.2%, with a modest year-over-year increase of 0.9%. Active listings have shown a significant contraction, down 20.1% year-over-year, while new listings experienced a 5.6% year-over-year increase. The median days on market decreased by 9.1% year-over-year to 70 days, yet the price-reduced share remains substantial at 29.9%, albeit a 5.2% year-over-year decrease. The pending ratio stands at 0.36, representing a 0.8% year-over-year increase.

Negotiating leverage

The decrease in active listings suggests some inventory pressure, which typically benefits sellers. However, the relatively high price-reduced share and slow median listing price appreciation indicate that buyers are exercising price discipline. While the days on market are compressing, the overall pace of transactions, as reflected by the pending ratio, suggests a market where neither party holds dominant leverage.

Luxury segment

The average listing price of $851,282 significantly exceeds the median listing price of $757,000, indicating a segment of higher-valued properties influencing the upper end of the market. The median price per square foot is $295, with a year-over-year decrease of 1.7%, suggesting some softening in per-square-foot valuations, particularly at more elevated price points within the ZIP code.