Single Family Home Sellers Getting 98.7% Of Their List Price in April 2020
While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by a stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly.
New Listings decreased 27.4 percent for Single Family and 31.3 percent for Townhouse/Condo. Pending Sales decreased 18.4 percent for Single Family and 38.3 percent for Townhouse/Condo. Inventory decreased 27.7 percent for Single Family and 5.9 percent for Townhouse/Condo.
Median Sales Price increased 8.5 percent to $255,000 for Single Family and 10.9 percent to $169,950 for Townhouse/Condo. Days on Market decreased 27.9 percent for Single Family and 23.3 percent for Townhouse/Condo. Months Supply of Inventory decreased 32.0 percent for Single Family but increased 6.3 percent for Townhouse/Condo.
While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall
economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.
Average days on market for single family homes... 31 Days!
Check out what home prices are doing in Tucson, AZ for April 2020.
Tucson Market Report Highlights For April 2020:
- New Listings decreased 27.4 percent for Single Family and 31.3 percent for Townhouse/Condo.
- Pending Sales decreased 18.4 percent for Single Family and 38.3 percent for Townhouse/Condo.
- Inventory decreased 27.7 percent for Single Family and 5.9 percent for Townhouse/Condo.
- Median Sales Price increased 8.5 percent to $255,000 for Single Family and 10.9 percent to $169,950 for Townhouse/Condo.
- Days on Market decreased 27.9 percent for Single Family and 23.3 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 32.0 percent for Single Family but increased 6.3 percent for Townhouse/Condo.
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 to give you a visual of how the Tucson housing market is trending for April 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of April 2020 was 1,014 single-family homes sold and 154 townhouse/condos sold.
Which was –19.4% year-over-year change for single-family homes and -35.3% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In April 2020, the average sales price in Tucson of a single-family home in was $305,606 and $196,873 for a Townhouse/Condo.
Which was a +7.0% year-over-year change for single-family homes and a +16.9% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In April 2020, the median sales price in Tucson of a single-family home was $255,000 and $169,950 for a townhouse/condo.
Which was a +8.5% year-over-year change for single-family homes and a +10.9% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In April 2020, the average days it took a single-family home to sell was 31 days and 23 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -27.9% for a single-family home and -23.3% for a townhouse/condo.
Active Home Listings
The number of active listings in Tucson, Arizona for single-family homes was 1,997 and 285 for townhouse/condo.
This was a -27.7% year-over-year change for single-family homes and a -5.9% change year-over-year change for townhouse/condos as shown in the chart above.
Active listings and home inventory numbers are a key indicator to keep an eye on.
If this downward or even slight increase in inventory continues, look for the Tucson housing market to continue to be strong and home prices to move up creating a sellers’ market in Tucson, Arizona.
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 to getting your offer accepted.
HOME SELLERS
As the number of listings decreases, sellers are poised to sell their home faster and for more money. Marketing and making your home look great are the keys to selling your home FAST and for MORE MONEY.
As a seller, your home is one of three listings:
- A home that sells!
- One that gets showings but sells the house down the road.
- Or the home that gets no showings and does not sell.
Which type of listing do you want to be?
SOLUTION
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 powered by eXp Realty in Tucson to work for you. We would love to earn your business!
Will well sell your home in 90 Days Guaranteed or it’s FREE!
There are tons of good reasons now is a good time to buy a home in Tucson, AZ. Give us a call about homeownership today.
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