Tucson Housing Market Report - September 2021
Is The Tucson Housing Market Boom Coming To An End?
Single Family Home Sellers Getting 100.5% Of Their List Price in September 2021
Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year.
Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New Listings decreased 1.7 percent for Single Family and 15.4 percent for Townhouse/Condo. Pending Sales decreased 0.8 percent for Single Family and 14.9 percent for Townhouse/Condo. Inventory decreased 3.5 percent for Single Family and 29.1 percent for Townhouse/Condo.
Median Sales Price increased 24.6 percent to $349,000 for Single Family and 25.0 percent to $215,000 for Townhouse/Condo. Days on Market decreased 41.7 percent for Single Family and 52.2 percent for Townhouse/Condo. Months Supply of Inventory decreased 15.4 percent for Single Family and 38.5 percent for Townhouse/Condo.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends were commonly seen in the fall, a time when listing and sales activity typically slows as children return to school.
As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.
Check out what home prices are doing in Tucson, AZ for September 2021.
Average days on market for single family homes... 14 Days!
Tucson Market Report Year-over-Year Highlights For September 2021:
- New Listings increased 1.7 percent for Single Family but decreased 15.4 percent for Townhouse/Condo.
- Pending Sales decreased 0.8 percent for Single Family and 14.9 percent for Townhouse/Condo.
- Inventory decreased 3.5 percent for Single Family and 29.1 percent for Townhouse/Condo.
- Median Sales Price increased 24.6 percent to $349,000 for Single Family and 25.0 percent to $215,000 for Townhouse/Condo.
- Days on Market decreased 41.7 percent for Single Family and 52.2 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 15.4 percent for Single Family and 38.5 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 September 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of September 2021 was 1,107 single-family homes sold and 176 townhouse/condos sold.
Which was -10.4% year-over-year change for single-family homes and -15.0% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In September 2021, the average sales price in Tucson of a single-family home in was $409,131 and $224,008 for a Townhouse/Condo.
Which was a +20.7% year-over-year change for single-family homes and a +11.1% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In September 2021, the median sales price in Tucson of a single-family home was $349,000 and $215,000 for a townhouse/condo.
Which was a +24.6% year-over-year change for single-family homes and a +25.0% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In August 2021, the average days it took a single-family home to sell was 14 days and 11 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -41.7% for a single-family home and -52.2% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In September 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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