85210 Mesa, AZ Housing Market

Trend

The median listing price has decreased by 9.9% year-over-year to $355,000, despite a month-over-month increase of 5.5%. Active listings have seen an 8.7% reduction year-over-year, alongside a 12.5% decline in new listings. Median days on market have extended by 21.3% year-over-year to 57 days, and the price-reduced share stands at 43.2%, a 6.3% decrease from the previous year. The pending ratio has decreased by 2.4% year-over-year to 0.40.

Negotiating leverage

The year-over-year decrease in the pending ratio to 0.40, combined with an increase in median days on market to 57, indicates a slower pace of transactions. The decline in new listings and active listings, alongside a significant year-over-year decrease in the median listing price, suggests reduced inventory pressure, affording buyers more time and potentially greater price discipline in negotiations.

Luxury segment

The average listing price of $364,204 is only moderately above the median listing price of $355,000, indicating a relatively compressed price distribution. The median price per square foot is $269, reflecting the overall price contraction in the market segment.