Single Family Home Sellers Getting 99.3% Of Their List Price in July 2020
Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
New Listings decreased 5.9 percent for Single Family but increased 17.3 percent for Townhouse/Condo. Pending Sales increased 6.5 percent for Single Family and 29.9 percent for Townhouse/Condo. Inventory decreased 48.1 percent for Single Family and 19.6 percent for Townhouse/Condo.
Median Sales Price increased 8.5 percent to $271,250 for Single Family but decreased 4.2 percent to $158,000 for Townhouse/Condo. Days on Market decreased 10.5 percent for Single Family but increased 3.6 percent for Townhouse/Condo. Months Supply of Inventory decreased 50.0 percent for Single Family and 15.4 percent for Townhouse/Condo.
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
Average days on market for single family homes... 34 Days!
Check out what home prices are doing in Tucson, AZ for July 2020.
Tucson Market Report Highlights For July 2020:
- New Listings decreased 5.9 percent for Single Family but increased 17.3 percent for Townhouse/Condo.
- Pending Sales increased 6.5 percent for Single Family and 29.9 percent for Townhouse/Condo.
- Inventory decreased 48.1 percent for Single Family and 19.6 percent for Townhouse/Condo.
- Median Sales Price increased 8.5 percent to $271,250 for Single Family but decreased 4.2 percent to $158,000 for Townhouse/Condo.
- Days on Market decreased 10.5 percent for Single Family but increased 3.6 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 50.0 percent for Single Family and 15.4 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 July 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of July 2020 was 1,368 single-family homes sold and 213 townhouse/condos sold.
Which was +2.9% year-over-year change for single-family homes and +8.1% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In July 2020, the average sales price in Tucson of a single-family home in was $331,729 and $176,219 for a Townhouse/Condo.
Which was a +10.6% year-over-year change for single-family homes and a +0.1% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In July 2020, the median sales price in Tucson of a single-family home was $271,250 and $158,00 for a townhouse/condo.
Which was a +8.5% year-over-year change for single-family homes and a -4.2% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In July 2020, the average days it took a single-family home to sell was 34 days and 29 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -10.5% for a single-family home and -3.6% for a townhouse/condo.
Active Home Listings
In July 2020, the number of active listings in Tucson, Arizona for single-family homes was 1,301 and 197 for townhouse/condo.
This was a -48.1% year-over-year change for single-family homes and a -19.6% 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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