85215 Mesa, AZ Housing Market

Trend

Median listing price registered at $529,000, representing a 3.1% month-over-month increase but a 6.4% year-over-year decline. Average listing price shows a more significant year-over-year decrease of 10.3%, reaching $658,975. Active listings decreased by 7.1% year-over-year to 104 units, while new listings saw a substantial 80.0% year-over-year increase to 36. Median days on market improved by 10.0% year-over-year to 59 days. The price-reduced share remained relatively stable at 29.2%, a 0.3% year-over-year decrease. The pending ratio stands at 0.28, a 1.6% year-over-year decline.

Negotiating leverage

The rising new listing volume suggests increasing inventory pressure, potentially impacting price discipline for sellers. While a 59-day median time on market indicates some absorption, the year-over-year decline in the pending ratio suggests a moderated pace of transactions. Buyers may find relatively more options and potentially more negotiating leverage due to softer pricing trends and increased supply.

Luxury segment

The average listing price of $658,975 significantly exceeds the median listing price of $529,000, indicating a segment of higher-priced properties within the ZIP code. Median price per square foot is $288, reflecting the overall price contractions in the market.