85202 Mesa, AZ Housing Market

Trend

The median listing price in ZIP 85202 has experienced a substantial year-over-year decline of 19.3%, falling to $294,400. This is compounded by an increase in active listings by 20.8% year-over-year, reaching 87. New listings have also risen by 12.5% year-over-year, now at 36. The median days on market have edged up to 61, a 5.2% increase year-over-year, while the price-reduced share stands at 36.2%, up 2.1% year-over-year. The pending ratio has decreased by 21.4% year-over-year, now at 0.43, indicating a slower pace of pending sales relative to active listings.

Negotiating leverage

The contracting pending ratio, coupled with an expanding inventory of active listings and a notable year-over-year reduction in median listing price, suggests declining negotiating leverage for sellers. The increasing median days on market and the higher share of price-reduced properties further indicate that sellers are facing pressure to adjust pricing in line with current market conditions, impacting price discipline and pace.

Luxury segment

The average listing price of $356,283 significantly exceeds the median listing price of $294,400, indicating a segment of higher-priced properties in the market. Consistent with the broader market trend, the average listing price has declined by 11.7% year-over-year, while the median price per square foot has seen a more modest decrease of 1.1% year-over-year, at $265.