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Tucson Housing Market Report - February 2023

MAJOR SLOW DOWN IN CLOSED HOME SALES IN TUCSON!

What is the state of the Tucson housing market doing for February 2023?

In February 2023, the median home sales price was $363,000 up 1.7% year-over-year. While the average days on market was 54 days and home inventory is up 116.0% year-over-year. 

Meanwhile, closed home sales in Tucson have dropped 31.4% year-over-year. 

Single Family Home Sellers Getting 98.1% Of Their List Price in February 2023

In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% – 4.75%, its 8th rate hike since March of last year, when the interest rate
was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer
activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).

New Listings decreased 21.8 percent for Single Family and 17.4 percent for Townhouse/Condo. Pending Sales decreased 17.8 percent for Single Family and 12.0 percent for Townhouse/Condo. Inventory increased 67.0 percent for Single Family and 116.5 percent for Townhouse/Condo. 

Median Sales Price increased 1.7 percent to $363,000 for Single Family and 10.2 percent to $270,000 for Townhouse/Condo. Days on Market increased 116.0 percent for Single Family and 118.8 percent for Townhouse/Condo. Months Supply of Inventory increased 122.2 percent for Single Family and 180.0 percent for Townhouse/Condo. 

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.

Transitioning from a Sellers Market to a Balanced Market

Tucson Housing Market

Check out what home prices are doing in Tucson, AZ for February 2023.

Average days on market for single family homes... 54 Days!

Tucson Market Report Year-over-Year Highlights For February 2023:

Mortgage Interest Rate Update

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 February 2022.

CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.

Closed Home Sales

Total real estate sales in Tucson for the month of February 2023 were 755 single-family homes sold and 148 townhouses/condos sold.

Which was -31.4% year-over-year change for single-family homes and -25.6% year-over-year change for townhouses/condos from the previous year as shown in the chart above.

Average Home Sales Price

In February 2023, the average sales price in Tucson of a single-family home was $434,830 and $283,706 for townhouses/condos.

Which was a -0.9% year-over-year change for single-family homes and a +5.1% year-over-year change for townhouses/condos from the previous year shown in the chart above. 

 

Median Home Sales Price

In February 2023, the median sales price in Tucson of a single-family home was $363,000 and $270,00 for townhouses/condos.

Which was a +1.7% year-over-year change for single-family homes and a +10.2% year-over-year change for townhouses/condos as shown in the chart above. 

Days On Market Until Sale

In February 2023, the average days it took a single-family home to sell was 54 days and 35 days for townhouses/condos as shown in the chart above.

This was a year-over-year change of +116.0% for a single-family home and +118.8% for a townhouse/condo. 

Active Home Listings - Inventory of Tucson Homes For Sale

In February 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,906 and 236 for townhouses/condos. 

This was a +67.0% year-over-year change for single-family homes and a +116.5% 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:

  1. A home that sells!
  2. One that gets showings but sells the house down the road.
  3. 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.

See All The Tucson Housing Market Reports 

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