TUCSON RESIDENTIAL REAL ESTATE MARKET REPORT MARCH 2016
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 March 2016.
Highlights of the Tucson Residential Real Estate Market Report for March 2016 are below:
- Total Sales Volume increased to 315,222,675 this month, a 44.95% increase from February’s number of $217,465,638, and an increase of 18.48% over March 2015.
- The Average Sales Price this month was $212,988 from $206,128 in February, a 3.33% increase.
- Average List Price of $219,086 is up 3.31% from February’s number of $212,063.
- Total Under Contract increased in by 11.70%.
- Big jump in Total Unit Sales from 1,055 in February to 1,480 in March, a 40.28% increase, and a 16.08% increase over March 2015.
- The Median Sales Price increased slightly to $177,050.
- New Listings increased 2.31% from February.
- Total Active Listings of 4,802 is a decrease of 5.44% since February’s number of 5,078.
- Average Days on Market decreased to 57 in March from 65 in February.
- Conventional loan sales of 39.5% exceeded Cash Sales of 25.8%.
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 March 2016.
In March 2016, there were 1,480 closes sales for the month as shown in the chart above. These are above normal numbers by a couple 100 units for this time of year.
That is an average of about 48 homes SOLD every day in Tucson in the month of March 2016. There are a couple of key factors in getting your home SOLD for the most amount of money in the least amount of time.
Key Factors In Getting Your Home SOLD:
- Uber Awesome Photos
- Home Look Great – 47 Key Factors To Make Your House Look Great!
In March 2016, the average sales price of a home in Tucson, Arizona was $212,988. Which was up 3.33% from February 2016 as shown in the chart above.
In March 2016, the median sales price of a home in Tucson, Arizona was $177,050. Which was up 4.83% from February 2016 as shown in the chart above.
As of March 2016, the average days a home was on the market was 57 days. Which is 8 day less than the previous month and 11 days less than the previous year as shown in the chart above.
The number of active listings in Tucson, Arizona in the month of March 2016 was 4,802 listings as shown on the chart above.
This number is one to keep an eye on. If this up trend in inventory continues look for the market to soften and prices do move down which sets up for a buyers market. Inventory levels are trending down which leads to a sellers market causing home values to rise.
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.
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 the Monthly Statistics for March 2016: CLICK HERE