Tucson Housing Market Report - October 2021
As Temperatures Drop Will Winter Visitors and Snowbirds Drive The Tucson Housing Market?
Single Family Home Sellers Getting 100.3% Of Their List Price in October 2021
The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings decreased 2.7 percent for Single Family and 10.6 percent for Townhouse/Condo. Pending Sales increased 4.3 percent for Single Family and 8.9 percent for Townhouse/Condo. Inventory decreased 0.2 percent for Single Family and 37.8 percent for Townhouse/Condo.
Median Sales Price increased 20.1 percent to $340,000 for Single Family and 12.1 percent to $204,000 for Townhouse/Condo. Days on Market decreased 10.5 percent for Single Family and 28.6 percent for Townhouse/Condo. Months Supply of Inventory decreased 7.1 percent for Single Family and 46.2 percent for Townhouse/Condo.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
Check out what home prices are doing in Tucson, AZ for October 2021.
Average days on market for single family homes... 17 Days!
Tucson Market Report Year-over-Year Highlights For October 2021:
- New Listings decreased 2.7 percent for Single Family and 10.6 percent for Townhouse/Condo.
- Pending Sales increased 4.3 percent for Single Family and 8.9 percent for Townhouse/Condo.
- Inventory decreased 0.2 percent for Single Family and 37.8 percent for Townhouse/Condo.
- Median Sales Price increased 20.1 percent to $340,000 for Single Family and 12.1 percent to $204,000 for Townhouse/Condo.
- Days on Market decreased 10.5 percent for Single Family and 28.6 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 7.1 percent for Single Family and 46.2 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 October 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of October 2021 was 1,077 single-family homes sold and 151 townhouse/condos sold.
Which was -20.8% year-over-year change for single-family homes and -35.7% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In October 2021, the average sales price in Tucson of a single-family home in was $406,566 and $227,230 for a Townhouse/Condo.
Which was a +18.0% year-over-year change for single-family homes and a +9.9% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In October 2021, the median sales price in Tucson of a single-family home was $340,000 and $204,000 for a townhouse/condo.
Which was a +20.1% year-over-year change for single-family homes and a +12.1% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In October 2021, the average days it took a single-family home to sell was 17 days and 15 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 -28.6% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In October 2021, the number of active listings in Tucson, Arizona for single-family homes was 1,441 and 168 for townhouse/condo.
This was a -3.5% year-over-year change for single-family homes and a -29.1% 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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