Mesa, AZ

The market in ZIP 85212 is currently Cooling. While the median listing price shows only a minor year-over-year decline of 0.1%, other metrics indicate a softening environment, with increasing days on market and a notable reduction in new listing volume. Despite this, the pending ratio suggests a continued, albeit moderated, level of transaction activity.

The median listing price has experienced a modest month-over-month decrease of 0.7% and a slight year-over-year decline of 0.1%. Active listings have expanded by 5.4% over the past year, contributing to an overall inventory of 236 active listings. Concurrently, new listings have decreased significantly by 16.0% year-over-year, with 84 new properties entering the market in the most recent month. The median days on market increased by 15.7% year-over-year, reaching 59 days, indicating a slower pace of sales. The share of properties with price reductions is currently 35.2%, a slight decrease of 2.8% from the previous year. The pending ratio stands at 0.40, reflecting a marginal year-over-year increase of 0.1.

The increasing median days on market, up 15.7% over the past year, suggests that properties require more time to secure a contract, allowing for greater negotiation opportunity. The decrease of 16.0% in new listings year-over-year may offer some inventory constraint, yet the 5.4% increase in overall active listings indicates more choices for prospective buyers. The pending ratio of 0.40 indicates continued transaction volume, though the cooling market suggests that price discipline from sellers is becoming more critical to achieve successful transactions.

The average listing price of $640,537 is approximately 6.8% higher than the median listing price of $599,450, indicating a segment of properties listed at a premium. The median price per square foot is $265, reflecting a year-over-year decrease of 0.2%.