Tucson Housing Market Report - April 2022
Has The Tucson Housing Market Topped Out? My Prediction is YES!
Single Family Home Sellers Getting 101.8% Of Their List Price in April 2022
The average 30-year fixed-rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
New Listings decreased 4.4 percent for Single Family and 0.4 percent for Townhouse/Condo. Pending Sales increased 9.3 percent for Single Family but decreased 2.4 percent for Townhouse/Condo. Inventory decreased 4.4 percent for Single Family and 14.1 percent for Townhouse/Condo.
Median Sales Price increased 17.1 percent to $375,000 for Single Family and 23.2 percent to $252,000 for Townhouse/Condo. Days on Market increased 6.3 percent for Single Family but decreased 25.0 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 14.3 percent for Townhouse/Condo properties.
Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
Check out what home prices are doing in Tucson, AZ for April 2022.
Average days on market for single family homes... 17 Days!
Tucson Market Report Year-over-Year Highlights For April 2022:
- New Listings decreased 4.4 percent for Single Family and 0.4 percent for Townhouse/Condo.
- Pending Sales increased 9.3 percent for Single Family but decreased 2.4 percent for Townhouse/Condo.
- Inventory decreased 4.4 percent for Single Family and 14.1 percent for Townhouse/Condo.
- Median Sales Price increased 17.1 percent to $375,000 for Single Family and 23.2 percent to $252,000 for Townhouse/Condo.
- Days on Market increased 6.3 percent for Single Family but decreased 25.0 percent for Townhouse/Condo.
- Months Supply of Inventory remained flat for Single Family but decreased 14.3 percent for Townhouse/Condo properties.
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 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of April 2022 were 1,231 single-family homes sold and 197 townhouses/condos sold.
Which was -10.3% year-over-year change for single-family homes and -15.8% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
Average Home Sales Price
In April 2022, the average sales price in Tucson of a single-family home was $455,452 and $292,243 for townhouses/condos.
Which was a +12.9% year-over-year change for single-family homes and a +32.9% year-over-year change for townhouses/condos from the previous year shown in the chart above.
Median Home Sales Price
In April 2022, the median sales price in Tucson of a single-family home was $375,00 and $252,00 for townhouses/condos.
Which was a +17.0 year-over-year change for single-family homes and a +23.2% year-over-year change for townhouses/condos as shown in the chart above.
Days On Market Until Sale
In April 2022, the average days it took a single-family home to sell was 17 days and 9 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +6.3% for a single-family home and -25.0% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In April 2022, the number of active listings in Tucson, Arizona for single-family homes was 990 and 128 for townhouses/condos.
This was a -4.4% year-over-year change for single-family homes and a -14.1% 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 home ownership today.
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