85207 Mesa, AZ Housing Market

Trend

The median listing price in ZIP 85207 has experienced a notable decline, down 8.0% year-over-year to $668,500. This is accompanied by a significant contraction in new listings, which are down 33.3% year-over-year. Active listings have also decreased by 19.7% year-over-year, indicating less overall inventory on the market. However, the median days on market has increased by 21.6% year-over-year to 62 days, suggesting properties are taking longer to sell. The price-reduced share has seen a modest increase of 2.1% year-over-year, reaching 37.7%, reflecting pressure on pricing. The pending ratio, at 0.40, is up 8.9% year-over-year, but this appears to be influenced more by the reduction in active listings than a surge in new pending contracts.

Negotiating leverage

For properties in ZIP 85207, the extended median days on market and the increased share of price reductions suggest a market with less urgency for buyers. While the pending ratio has increased, this is within a context of reduced overall inventory and does not necessarily indicate a rapid pace of absorption. Price discipline is becoming increasingly important as the market trends towards longer listing periods and more widespread price adjustments.

Luxury segment

The average listing price of $888,224 significantly exceeds the median listing price of $668,500, indicating a segment of higher-priced properties influencing the overall market. The median price per square foot is $311, a decrease of 2.2% year-over-year.