Mesa, AZ

The residential market in this ZIP code is characterized by a cooling trend. An increase in active and new listings, coupled with a notable decline in the pending ratio and median listing price year-over-year, indicates a shift in market dynamics. Properties are also spending more time on the market before going under contract.

The most recent data indicates a substantial shift in market conditions. Active listings have increased significantly year-over-year by 59.7%, with new listings doubling over the same period, reflecting a notable rise in available inventory. Concurrently, the median listing price has seen a considerable year-over-year decrease of 13.9%, settling at $370,000, despite a month-over-month increase of 14.3%. The median price per square foot has also declined by 4.6% over the past year to $260. Properties are taking longer to go under contract, with median days on market rising by 12.0% year-over-year to 56 days. Furthermore, the share of price-reduced listings is currently 38.2%.

The declining pending ratio, which is currently 0.30 and down 21.3% year-over-year, suggests a slower pace of transactions and reduced inventory pressure. The increase in active listings, alongside longer median days on market, indicates that prospective buyers may have more time and options for consideration, potentially leading to increased price discipline. The market has shifted toward conditions that require sellers to be more strategic in their pricing.

The spread between the median listing price of $370,000 and the average listing price of $394,367, coupled with a median price per square foot of $260, suggests a market where higher-end properties may command a premium relative to the median, though pricing across all segments reflects a general softening, with the average listing price down 8.3% year-over-year.