Mesa, AZ

The 85201 market is currently Cooling. While the median listing price experienced a notable month-over-month increase, the year-over-year trend remains negative, and the pending ratio has declined over the past year. Active inventory has expanded, and a significant portion of listings are undergoing price reductions, indicating a shift in market dynamics.

The median listing price recorded a substantial 7.8% increase in the most recent month, yet it shows an 18.0% decrease over the past year. Concurrently, active listings have expanded by 5.0% year-over-year, and new listings surged by 37.5% over the past year. Median days on market have decreased by 29.6% year-over-year, indicating a faster sales cycle for available properties. The share of price-reduced listings stands at 26.1%, a slight increase of 1.9% year-over-year. The pending ratio is 0.30, a 0.2 percentage point decline over the past year.

The current environment suggests a moderating pace of transaction activity. The year-over-year decline in the pending ratio and the increased share of price reductions imply evolving negotiations and a market where pricing discipline is becoming more prominent. Inventory expansion, particularly in new listings, suggests increased choice, potentially influencing offer strategies.

The average listing price, at $344,882, exceeds the median listing price of $307,500, indicating the presence of higher-valued properties. However, the average listing price experienced a 9.9% year-over-year decline. The median price per square foot is $262, reflecting a 2.9% increase over the past year.