85209 Mesa, AZ Housing Market

Trend

The median listing price in ZIP 85209 is $450,000, showing a 2.3% increase month-over-month and remaining flat year-over-year. Active listings have decreased significantly by 21.7% year-over-year to 126, and new listings are down 15.4% year-over-year to 44. Median days on market have seen a slight increase of 7.7% year-over-year, reaching 56 days. The share of price-reduced listings has decreased by 8.3% year-over-year to 27.3%. The pending ratio stands at 0.50, representing a 2.8% increase year-over-year with 63 pending listings.

Negotiating leverage

Reduced inventory, evidenced by the 21.7% year-over-year decline in active listings, is exerting upward pressure on market velocity. The robust pending ratio of 0.50, up 2.8% year-over-year, indicates relatively quick absorption of available properties. While price discipline is generally maintained with a stable median listing price, the limited supply and active pending pipeline suggest that purchasers may encounter a more rapid transaction pace and less latitude for negotiation.

Luxury segment

The average listing price of $464,857 is moderately above the median listing price of $450,000, indicating a segment of properties listed at higher values. The median price per square foot is $258, reflecting a slight year-over-year decrease of 1.9%.