Single Family Home Sellers Getting 100.7% Of Their List Price in March 2021
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage
rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
New Listings decreased 6.6 percent for Single Family but increased 7.9 percent for Townhouse/Condo. Pending Sales increased 37.5 percent for Single Family and 52.1 percent for Townhouse/Condo. Inventory decreased 71.1 percent for Single Family and 64.0 percent for Townhouse/Condo.
Median Sales Price increased 25.5 percent to $320,000 for Single Family and 13.1 percent to $195,693 for Townhouse/Condo. Days on Market decreased 45.9 percent for Single Family and 40.7 percent for Townhouse/Condo. Months Supply of Inventory decreased 75.0 percent for Single Family and 72.2 percent for Townhouse/Condo.
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.
Average days on market for single family homes... 20 Days!
Check out what home prices are doing in Tucson, AZ for March 2021.
Tucson Market Report Highlights For March 2021:
- New Listings decreased 6.6 percent for Single Family but increased 7.9 percent for Townhouse/Condo.
- Pending Sales increased 37.5 percent for Single Family and 52.1 percent for Townhouse/Condo.
- Inventory decreased 71.1 percent for Single Family and 64.0 percent for Townhouse/Condo.
- Median Sales Price increased 25.5 percent to $320,000 for Single Family and 13.1 percent to $195,693 for Townhouse/Condo.
- Days on Market decreased 45.9 percent for Single Family and 40.7 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 75.0 percent for Single Family and 72.2 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 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of March 2021 was 1,346 single-family homes sold and 226 townhouse/condos sold.
Which was +5.3 % year-over-year change for single-family homes and +29.1% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In March 2021, the average sales price in Tucson of a single-family home in was $399,694 and $218,209 for a Townhouse/Condo.
Which was a +25.9% year-over-year change for single-family homes and a +20.5% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In March 2021, the median sales price in Tucson of a single-family home was $320,000 and $195,693 for a townhouse/condo.
Which was a +25.5% year-over-year change for single-family homes and a +13.1% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In March 2021, the average days it took a single-family home to sell was 20 days and 16 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -45.9% for a single-family home and -40.7% for a townhouse/condo.
Active Home Listings
In March 2021, the number of active listings in Tucson, Arizona for single-family homes was 682 and 111 for townhouse/condo.
This was a -77.1% year-over-year change for single-family homes and a -64.00% 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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