Single Family Home Sellers Getting 98.6% Of Their List Price in November 2019
In November, the Federal Reserve reduced its benchmark rate for the third
time this year. This action was widely anticipated by the market. Mortgage
rates have remained steady this month and are still down more than 1
percent from last year at this time. Residential new construction activity
continues to rise nationally. The U.S. Commerce Department reports that
new housing permits rose 5% in October to a new 12-year high of 1.46
million units.
New Listings decreased 7.9 percent for Single Family and 0.5 percent for
Townhouse/Condo. Pending Sales increased 19.8 percent for Single Family
and 5.2 percent for Townhouse/Condo. Inventory decreased 24.2 percent
for Single Family and 11.4 percent for Townhouse/Condo.
Median Sales Price increased 3.2 percent to $240,000 for Single Family but
remained flat for Townhouse/Condo. Days on Market decreased 14.6
percent for Single Family and 16.1 percent for Townhouse/Condo. Months
Supply of Inventory decreased 28.6 percent for Single Family and 11.8
percent for Townhouse/Condo.
While many economic signs are quite strong, total household debt has been
rising for twenty-one consecutive quarters and is now $1.3 trillion higher
than the previous peak of $12.68 trillion in 2008. While delinquency rates
remain low across most debt types (including mortgages), higher consumer
debt loads can limit future household spending capability and increase risk
if the economy slows down.
Average days on market for single family homes... 35 Days!
Check out what home prices are doing in Tucson, AZ for November 2019.
Tucson Market Report Highlights:
- New Listings decreased 7.9 percent for Single Family and 0.5 percent for Townhouse/Condo.
- Pending Sales increased 19.8 percent for Single Family and 5.2 percent for Townhouse/Condo.
- Inventory decreased 24.2 percent for Single Family and 11.4 percent for Townhouse/Condo.
- Median Sales Price increased 3.2 percent to $240,000 for Single Family but remained flat for Townhouse/Condo.
- Days on Market decreased 14.6 percent for Single Family and 16.1 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 28.6 percent for Single Family and 11.8 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 November 2019.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of November 2019 was 955 single family homes sold and 171 townhouse/condos sold.
Which was -3.2% year-over-year change for single-family homes and +8.9% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In November 2019, the average sales price in Tucson of a single-family home in was $281,022 and $182,542 for a Townhouse/Condo.
Which was a +1.2% year-over-year change for single-family homes and a +7.5% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In November 2019, the median sales price in Tucson of a single-family home was $240,000 and $155,000 for a townhouse/condo.
Which was a +3.2% year-over-year change for single-family homes and a -0.0% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In November 2019, the average days it took a single-family home to sell was 35 days and 26 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -14.6% for a single-family home and -16.1% for a townhouse/condo.
Active Home Listings
The number of active listings in Tucson, Arizona for single-family homes was 2,367 and 280 for townhouse/condo.
This was a -24.2% year-over-year change for single-family homes and a -11.4% 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 homeownership today.
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