Single Family Home Sellers Getting 98.9% Of Their List Price in March 2020
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over.
New Listings increased 1.6 percent for Single Family but decreased 6.0 percent for Townhouse/Condo. Pending Sales decreased 3.2 percent for Single Family and 17.8 percent for Townhouse/Condo. Inventory decreased 25.4 percent for Single Family and 14.5 percent for Townhouse/Condo.
Median Sales Price increased 6.1 percent to $260,000 for Single Family and 9.8 percent to $173,500 for Townhouse/Condo. Days on Market decreased 19.6 percent for Single Family and 18.8 percent for Townhouse/Condo. Months Supply of Inventory decreased 30.8 percent for Single Family and 11.8 percent for Townhouse/Condo.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. Showing Time is closely monitoring the situation and releasing daily updates on changes in showing activity.
See national and state showing activity trends at:
Average days on market for single family homes... 37 Days!
Check out what home prices are doing in Tucson, AZ for March 2020.
Tucson Market Report Highlights For March 2020:
- New Listings increased 1.6 percent for Single Family but decreased 6.0 percent for Townhouse/Condo.
- Pending Sales decreased 3.2 percent for Single Family and 17.8 percent for Townhouse/Condo.
- Inventory decreased 25.4 percent for Single Family and 14.5 percent for Townhouse/Condo.
- Median Sales Price increased 6.1 percent to $260,000 for Single Family and 9.8 percent to $173,500 for Townhouse/Condo.
- Days on Market decreased 19.6 percent for Single Family and 18.8 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 30.8 percent for Single Family and 11.8 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 March 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of March 2020 was 1,227 single family homes sold and 172 townhouse/condos sold.
Which was +3.3% year-over-year change for single-family homes and -19.6% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In March 2020, the average sales price in Tucson of a single-family home in was $319,691 and $182,153 for a Townhouse/Condo.
Which was a +10.9% year-over-year change for single-family homes and a +7.3% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In March 2020, the median sales price in Tucson of a single-family home was $260,000 and $173,500 for a townhouse/condo.
Which was a +6.1% year-over-year change for single-family homes and a +9.8% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In March 2020, the average days it took a single-family home to sell was 37 days and 26 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -19.6% for a single-family home and -18.8% for a townhouse/condo.
Active Home Listings
The number of active listings in Tucson, Arizona for single-family homes was 2,158 and 271 for townhouse/condo.
This was a -25.4% year-over-year change for single-family homes and a -14.5% 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:
- 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.
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