Chandler, AZ

The ZIP Code 85224 market is currently stabilizing, characterized by a slight increase in median listing price on a month-over-month basis, alongside year-over-year declines in prices and a decelerating pace of sales activity despite an increase in new listings.

The median listing price in 85224 saw a modest 1.1% increase month-over-month to $454,750, yet it remains down 6.5% year-over-year. Active listings increased slightly by 4.9% year-over-year to 86 properties, while new listings surged by 33.3% year-over-year to 48. Days on market have decreased by 8.3% year-over-year, reaching 44 days. The share of price-reduced listings is down 10.4% year-over-year, now at 27.9%. The pending ratio stands at 0.58, a modest 2.0% increase year-over-year, with 50 pending listings.

The current market dynamics indicate a stabilizing environment. While the year-over-year decline in median listing price continues, the month-over-month uptick suggests some price discipline is being re-established. The increase in new listings, coupled with a relatively stable pending ratio, indicates that inventory pressure is moderate, supporting equilibrium in negotiating leverage. The reduced days on market and lower percentage of price reductions suggest a moderately engaged market, neither heavily favoring rapid absorption nor extended negotiation periods.

Within the luxury segment, the average listing price of $479,989 significantly exceeds the median listing price of $454,750, indicating a distinct premium for higher-end properties. The year-over-year decline of 13.9% in the average listing price suggests some recalibration at the top of the market, potentially offering more negotiating room for buyers in this segment. The median price per square foot is $311.