Mesa, AZ

The market in this ZIP code is currently characterized as Cooling. While the median listing price shows modest annual appreciation, key indicators such as a low pending ratio and decelerating price growth suggest a less competitive environment compared to the previous year.

The median listing price has demonstrated a modest increase of 0.4% month-over-month and 2.5% year-over-year. Active listings have contracted by 9.9% over the past year, while new listings remained stable with 0.0% year-over-year change. Days on market show a slight decrease of 1.6% year-over-year to 61 days. The share of price-reduced listings has decreased by 12.4% over the past year to 23.5%. The median price per square foot has seen a year-over-year decline of 1.4%. The pending ratio stands at 0.40, a slight increase of 1.8% year-over-year, indicating a relatively low proportion of properties under contract compared to active inventory.

The current market dynamics suggest a Cooling environment. The pending ratio of 0.40 indicates that the pace of transactions is not exerting significant pressure on available inventory, limiting immediate negotiating leverage for sellers. While active listings have decreased year-over-year, the sustained median days on market and a notable share of price reductions (23.5%) suggest that price discipline is increasingly important for properties to move efficiently.

The average listing price, at $842,205, significantly exceeds the median listing price of $664,925, reflecting a pronounced premium commanded by properties in the upper echelon of this market. This spread suggests that higher-priced segments are influential within the overall market composition. The median price per square foot is $285.