What is the state of the Tucson housing market doing for April 2023?
In April 2023, the median home sales price was $380,000 up 1.3% year-over-year. While the average days on market was 41 days and home inventory is up 22.2% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 30.0% year-over-year.
U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest
rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the
same time last year, the largest year-over-year decline since January 2012, according to NAR.
New Listings decreased 34.5 percent for Single Family and 37.4 percent for Townhouse/Condo. Pending Sales decreased 12.7 percent for Single Family and 18.1 percent for Townhouse/Condo. Inventory increased 22.2 percent for Single Family and 12.4 percent for Townhouse/Condo.
Median Sales Price increased 1.3 percent to $380,000 for Single Family and 9.3 percent to $274,900 for Townhouse/Condo. Days on Market increased 141.2 percent for Single Family and 250.0 percent for Townhouse/Condo. Months Supply of Inventory increased 70.0 percent for Single Family and42.9 percent for Townhouse/Condo.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
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 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of April 2023 were 894 single-family homes sold and 189 townhouses/condos sold.
Which was -30.0% year-over-year change for single-family homes and -10.4% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In April 2023, the average sales price in Tucson of a single-family home was $458,770 and $299,683 for townhouses/condos.
Which was a +1.6% year-over-year change for single-family homes and a +3.0% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In April 2023, the median sales price in Tucson of a single-family home was $380,000 and $274,900 for townhouses/condos.
Which was a +1.3% year-over-year change for single-family homes and a +9.3% year-over-year change for townhouses/condos as shown in the chart above.
In April 2023, the average days it took a single-family home to sell was 41 days and 35 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +141.2% for a single-family home and +250.0% for a townhouse/condo.
In April 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,512 and 172 for townhouses/condos.
This was a +22.2% year-over-year change for single-family homes and a +12.4% 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.
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.
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:
Which type of listing do you want to be?
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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