Single Family Home Sellers Getting 102.0 % Of Their List Price in May 2021
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
New Listings increased 4.7 percent for Single Family and 0.9 percent for Townhouse/Condo. Pending Sales increased 6.0 percent for Single Family and 24.8 percent for Townhouse/Condo. Inventory decreased 61.0 percent for Single Family and 67.3 percent for Townhouse/Condo.
Median Sales Price increased 31.8 percent to $329,500 for Single Family and 29.2 percent to $206,000 for Townhouse/Condo. Days on Market decreased 56.7 percent for Single Family and 63.0 percent for Townhouse/Condo. Months Supply of Inventory decreased 64.7 percent for
Single Family and 76.5 percent for Townhouse/Condo.
With such a limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers.
And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
Average days on market for single family homes... 13 Days!
Check out what home prices are doing in Tucson, AZ for May 2021.
Tucson Market Report Highlights For May 2021:
- New Listings increased 4.7 percent for Single Family and 0.9 percent for Townhouse/Condo.
- Pending Sales increased 6.0 percent for Single Family and 24.8 percent for Townhouse/Condo.
- Inventory decreased 61.0 percent for Single Family and 67.3 percent for Townhouse/Condo.
- Median Sales Price increased 31.8 percent to $329,500 for Single Family and 29.2 percent to $206,000 for Townhouse/Condo.
- Days on Market decreased 56.7 percent for Single Family and 63.0 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 64.7 percent for Single Family and 76.5 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 May 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of May 2021 was 1,206 single-family homes sold and 236 townhouse/condos sold.
Which was +12.9 % year-over-year change for single-family homes and +71.0% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In May 2021, the average sales price in Tucson of a single-family home in was $424,104 and $227,030 for a Townhouse/Condo.
Which was a +42.2% year-over-year change for single-family homes and a +21.3% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In May 2021, the median sales price in Tucson of a single-family home was $329,500 and $206,000 for a townhouse/condo.
Which was a +31.8% year-over-year change for single-family homes and a +29.2% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In May 2021, the average days it took a single-family home to sell was 13 days and 10 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -56.7% for a single-family home and -63.0% for a townhouse/condo.
Active Home Listings
In May 2021, the number of active listings in Tucson, Arizona for single-family homes was 752 and 96 for townhouse/condo.
This was a -61.0% year-over-year change for single-family homes and a -67.3% 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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