Tucson Housing Market Report - March 2022
Tucson Home Inventory Levels At An All Time Low!
Single Family Home Sellers Getting 101.2% Of Their List Price in March 2022
Nationally, existing-home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of the last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
New Listings decreased 11.7 percent for Single Family and 8.3 percent for Townhouse/Condo. Pending Sales increased 0.6 percent for Single Family and 2.6 percent for Townhouse/Condo. Inventory decreased 6.3 percent for Single Family and 36.2 percent for Townhouse/Condo.
Median Sales Price increased 18.0 percent to $371,570 for Single Family and 31.5 percent to $249,900 for Townhouse/Condo. Days on Market increased 10.0 percent for Single Family but decreased 12.5 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 28.6 percent for Townhouse/Condo properties.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.
Check out what home prices are doing in Tucson, AZ for March 2022.
Average days on market for single family homes... 22 Days!
Tucson Market Report Year-over-Year Highlights For March 2022:
- New Listings decreased 11.7 percent for Single Family and 8.3 percent for Townhouse/Condo.
- Pending Sales increased 0.6 percent for Single Family and 2.6 percent for Townhouse/Condo.
- Inventory decreased 6.3 percent for Single Family and 36.2 percent for Townhouse/Condo.
- Median Sales Price increased 18.0 percent to $371,570 for Single Family and 31.5 percent to $249,900 for Townhouse/Condo.
- Days on Market increased 10.0 percent for Single Family but decreased 12.5 percent for Townhouse/Condo.
- Months Supply of Inventory remained flat for Single Family but decreased 28.6 percent for Townhouse/Condo properties.
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 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of March 2022 were 1,296 single-family homes sold and 221 townhouses/condos sold.
Which was -8.4% year-over-year change for single-family homes and -6.8% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
Average Home Sales Price
In March 2022, the average sales price in Tucson of a single-family home was $458,183 and $284,239 for townhouses/condos.
Which was a +15.6% year-over-year change for single-family homes and a +32.2% year-over-year change for townhouses/condos from the previous year shown in the chart above.
Median Home Sales Price
In March 2022, the median sales price in Tucson of a single-family home was $371,570 and $249,000 for townhouses/condos.
Which was a +18.0 year-over-year change for single-family homes and a +31.5% year-over-year change for townhouses/condos as shown in the chart above.
Days On Market Until Sale
In March 2022, the average days it took a single-family home to sell was 22 days and 14 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +10.0% for a single-family home and -12.5% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In March 2022, the number of active listings in Tucson, Arizona for single-family homes was 869 and 95 for townhouses/condos.
This was a -6.3% year-over-year change for single-family homes and a -36.2% 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!
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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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