Tucson Housing Market Report - August 2021
Single Family Home Sellers Getting 101.1% Of Their List Price in August 2021
The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
New Listings increased 2.1 percent for Single Family but decreased 15.3 percent for Townhouse/Condo. Pending Sales decreased 0.4 percent for Single Family and 5.0 percent for Townhouse/Condo. Inventory decreased 16.1 percent for Single Family and 35.2 percent for Townhouse/Condo.
Median Sales Price increased 20.9 percent to $335,000 for Single Family and 20.9 percent to $211,500 for Townhouse/Condo. Days on Market decreased 58.6 percent for Single Family and 61.5 percent for Townhouse/Condo. Months Supply of Inventory decreased 23.1 percent for Single Family and 50.0 percent for Townhouse/Condo.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising
material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
Average days on market for single family homes... 12 Days!
Check out what home prices are doing in Tucson, AZ for August 2021.
Tucson Market Report Year-over-Year Highlights For August 2021:
- New Listings increased 2.1 percent for Single Family but decreased 15.3 percent for Townhouse/Condo.
- Pending Sales decreased 0.4 percent for Single Family and 5.0 percent for Townhouse/Condo.
- Inventory decreased 16.1 percent for Single Family and 35.2 percent for Townhouse/Condo.
- Median Sales Price increased 20.9 percent to $335,000 for Single Family and 20.9 percent to $211,500 for Townhouse/Condo.
- Days on Market decreased 58.6 percent for Single Family and 61.5 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 23.1 percent for Single Family and 50.0 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 August 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of August 2021 was 1,111 single-family homes sold and 198 townhouse/condos sold.
Which was -5.4% year-over-year change for single-family homes and -7.0% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In August 2021, the average sales price in Tucson of a single-family home in was $405,179 and $238,485 for a Townhouse/Condo.
Which was a +16.9% year-over-year change for single-family homes and a +25.3% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In August 2021, the median sales price in Tucson of a single-family home was $335,000 and $211,500 for a townhouse/condo.
Which was a +20.9% year-over-year change for single-family homes and a +20.9% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In August 2021, the average days it took a single-family home to sell was 12 days and 10 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -58.6% for a single-family home and -61.5% for a townhouse/condo.
Active Home Listings
In August 2021, the number of active listings in Tucson, Arizona for single-family homes was 1,226 and 140 for townhouse/condo.
This was a -16.1% year-over-year change for single-family homes and a -35.2% 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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