85203 Mesa, AZ Housing Market

Trend

The median listing price in 85203 shows a 4.2% increase year-over-year, reaching $495,000, despite a month-over-month decline of 11.7%. Active listings have grown by 13.8% year-over-year to 66 units, complemented by a 28.6% increase in new listings. Median days on market improved by 14.8% to 43 days, while the share of price-reduced listings decreased by 11.5% to 29.9%. However, the pending ratio has significantly declined by 18.3% year-over-year, settling at 0.45, with 30 pending listings. Median price per square foot has also decreased by 7.4% year-over-year to $260.

Negotiating leverage

The decrease in the pending ratio and median price per square foot suggests that buyers may be gaining some negotiating leverage due to a less competitive environment. While inventory has increased, buyer demand, as indicated by the pending ratio, has not kept pace. This may lead to a more measured pace of transactions and increased price discipline from sellers.

Luxury segment

The average listing price of $589,100 significantly exceeds the median listing price of $495,000, indicating a segment of properties listed at higher price points. The median price per square foot across the market is $260, providing a benchmark for assessing value at the high end.