Single Family Home Sellers Getting 98.3% Of Their List Price in December 2019
In 2019 home prices were up again in most markets. Buyer demand
continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings decreased 5.7 percent for Single Family and 6.5 percent for Townhouse/Condo. Pending Sales increased 21.4 percent for Single Family and 34.6 percent for Townhouse/Condo. Inventory decreased 27.0 percent for Single Family and 21.1 percent for Townhouse/Condo.
Median Sales Price increased 12.3 percent to $252,750 for Single Family and 18.4 percent to $166,000 for Townhouse/Condo. Days on Market decreased 13.6 percent for Single Family but increased 3.2 percent for Townhouse/Condo. Months Supply of Inventory decreased 30.8 percent for Single Family and 22.2 percent for Townhouse/Condo.
With low mortgage rates, low unemployment, and continued wage growth,
home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough
new units to quench demand. It remains to be seen whether existing
homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Average days on market for single family homes... 38 Days!
Check out what home prices are doing in Tucson, AZ for December 2019.
Tucson Market Report Highlights For 2019:
- New Listings decreased 5.7 percent for Single Family and 6.5 percent for Townhouse/Condo.
- Pending Sales increased 21.4 percent for Single Family and 34.6 percent for Townhouse/Condo.
- Inventory decreased 27.0 percent for Single Family and 21.1 percent for Townhouse/Condo.
- Median Sales Price increased 12.3 percent to $252,750 for Single Family 18.4 percent to $166,000 for Townhouse/Condo Townhouse/Condo.
- Days on Market decreased 13.6 percent for Single Family but increased 3.2 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 30.8 percent for Single Family and 22.2 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 December 2019.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of December 2019 was 1,067 single family homes sold and 154 townhouse/condos sold.
Which was 14.6% year-over-year change for single-family homes and +4.3% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In December 2019, the average sales price in Tucson of a single-family home in was $302,767 and $179,461 for a Townhouse/Condo.
Which was a +11.1% year-over-year change for single-family homes and a +10.5% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In December 2019, the median sales price in Tucson of a single-family home was $252,750 and $166,000 for a townhouse/condo.
Which was a +12.3% year-over-year change for single-family homes and a +18.4% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In December 2019, the average days it took a single-family home to sell was 38 days and 32 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -13.6% for a single-family home and +3.2% for a townhouse/condo.
Active Home Listings
The number of active listings in Tucson, Arizona for single-family homes was 2,106 and 254 for townhouse/condo.
This was a -27.0% year-over-year change for single-family homes and a -21.1% 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!
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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