Single Family Home Sellers Getting 98.5% Of Their List Price in February 2020
As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
New Listings increased 0.1 percent for Single Family and 0.4 percent for Townhouse/Condo. Pending Sales increased 23.4 percent for Single Family and 13.3 percent for Townhouse/Condo. Inventory decreased 32.3 percent for Single Family and 27.3 percent for Townhouse/Condo.
Median Sales Price increased 13.0 percent to $260,000 for Single Family and 5.3 percent to $159,500 for Townhouse/Condo. Days on Market decreased 15.7 percent for Single Family and 18.2 percent for Townhouse/Condo. Months Supply of Inventory decreased 38.5 percent for
Single Family and 27.8 percent for Townhouse/Condo.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest
Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing
market is off to a strong start, though it will be important to watch the
spread of COVID-19 and its potential impacts to the overall economy in the coming months.
Average days on market for single family homes... 43 Days!
Check out what home prices are doing in Tucson, AZ for February 2020.
Tucson Market Report Highlights For February 2020:
- New Listings increased 0.1 percent for Single Family and 0.4 percent for Townhouse/Condo.
- Pending Sales increased 23.4 percent for Single Family and 13.3 percent for Townhouse/Condo.
- Inventory decreased 32.3 percent for Single Family and 27.3 percent for Townhouse/Condo.
- Median Sales Price increased 13.0 percent to $260,000 for Single Family and 5.3 percent to $159,500 for Townhouse/Condo.
- Days on Market decreased 15.7 percent for Single Family and 18.2 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 38.5 percent for Single Family and 27.8 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 January 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of February 2020 was 968 single family homes sold and 180 townhouse/condos sold.
Which was 11.0% year-over-year change for single-family homes and +11.8% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In February 2020, the average sales price in Tucson of a single-family home in was $306,094 and $178,559 for a Townhouse/Condo.
Which was a +8.3% year-over-year change for single-family homes and a +5.5.% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In February 2020, the median sales price in Tucson of a single-family home was $260,000 and $159,500 for a townhouse/condo.
Which was a +13.0% year-over-year change for single-family homes and a +5.3% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In February 2020, the average days it took a single-family home to sell was 43 days and 36 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -15.7% for a single-family home and +18.2% for a townhouse/condo.
Active Home Listings
The number of active listings in Tucson, Arizona for single-family homes was 1,973 and 245 for townhouse/condo.
This was a -32.3% year-over-year change for single-family homes and a -27.3% 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.
Use us to buy or sell a home in Tucson, AZ… Use our Moving Truck for FREE!
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