Mesa, AZ

The housing market in ZIP Code 85207 is currently Cooling. While the inventory of active listings has decreased year-over-year, median listing prices continue to experience notable declines. The pending ratio suggests a more deliberate transaction pace.

Median listing price has seen a substantial year-over-year decrease of -18.4%, with a recent month-over-month decline of -5.9%. Active listings are down -11.0% over the past year, and new listings have decreased by -7.1% year-over-year. Median days on market have compressed by -22.6% year-over-year, indicating properties are moving faster once listed. However, the pending ratio, currently at 0.32, has declined by -7.5% year-over-year, suggesting a deceleration in the rate at which new contracts are being signed relative to active inventory. The share of price-reduced listings is 31.0%, a modest -3.0% decrease from the prior year.

With a pending ratio of 0.32, the current market environment in ZIP Code 85207 indicates that the pace of contract formation is more measured. Despite a year-over-year reduction in active listings, the significant price adjustments reflected in the median listing price suggest reduced pressure on buyers to act swiftly. Buyers are likely finding greater opportunities for price discipline, although the decrease in median days on market implies properties that do transact are still moving efficiently through the process.

In the luxury segment, the average listing price of $802,931 significantly exceeds the median listing price of $595,000, indicating a distinct premium for higher-end properties. Average listing prices have declined by -10.0% over the past year. The median price per square foot across all listings is $299, reflecting the overall valuation trends in the market.