Each month the Tucson Association of Realtors® Multiple Listing Service comes out with Tucson’s monthly housing report. The numbers are out for the Tucson residential real estate market report for October 2016.
In October 2016, the Tucson housing market showed some signs of slow down as we head into the holiday season which is normal for this time of year.
Check out what home prices are doing in Tucson, AZ for October 2016.
Highlights of the Tucson Residential Real Estate Market Report for September 2016 are below:
- Total Sales Volume is down this month to $273,080,211 from last month’s number of $293,536,476, which is a decrease of 6.97%, but an increase of 8.65% since October 2015.
- The Average Sales Price dropped 1.65% to $216,902, from $220,538 in September.
- Average List Price of $222,728 is an increase of 2.99% from September’s number of $216,257.
- Total Under Contract increased by .48% this month.
- Total Unit Sales 1,259 is down 5.41% from 1,331 in September, but is up 5.98% from October 2015.
- The Median Sales Price $178,000 is up .56% from last month’s number of $177,000 and 2.99% over October 2015.
- New Listings, 2,061 is an increase of 5.42% from September’s number of 1,955.
- Total Active Listings of 4,103 is an increase of 2.68% since September.
- Average Days on Market stayed at 49 for the second month in a row.
- Conventional loan sales of 45.0% exceeded Cash Sales of 23.3%.
These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?
Below are some important charts of data we compiled to give you a visual of how the Tucson housing market is trending for October 2016.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER AND READABLE.
Total real estate sales in Tucson for the month of October 2016 were 1,259 units sold. Which was a decrease of 5.41%from the previous month as shown in the chart above.
In October 2016, the average sales price of a home in Tucson, Arizona was $216,902. Which was a decrease of 1.65% from the previous month as shown in the chart above.
In October 2016, the median sales price of a home in Tucson, Arizona was $178,000. Which was a increase of .56% from the previous month as shown in the chart above.
In October 2016, the average days a home was on the market was 49 days. Which was the same as the previous month and 14 days less than the previous year as shown in the chart above.
The number of active listings in Tucson, Arizona in the month of October 2016 was 4,103 listings as shown on the chart above.
This number is one to keep an eye on.
If this downward trend in inventory continues to look for the market to strengthen and prices to move up which sets up for a seller’s market.
TUCSON HOME BUYERS
As home inventory levels begin to decrease there is less to chose from. So when you see a home that you like that is properly priced moving quickly is key in getting your offer accepted.
TUCSON HOME SELLERS
As the number of listings decrease sellers are poised to sell their home faster and for more money. Marketing and making your home look great are keys to selling your home FAST and for MORE MONEY.
As a seller, your home is one of three listings:
- The home that sells!
- The home that gets showings but sells the house down the road.
- The home that gets no showings and does not sell.
Which type of listing do you want to be?
Having a skilled real estate team is the key to saving thousands of dollars when buying or selling a home with the least amount of hassles. Put the Tyler Ford Real Estate Team to work for you. We would love to earn your business!
The difference between average and median?
For a complete breakdown of Tucson Home Prices Monthly Statistics for September 2016: CLICK HERE