Single Family Home Sellers Getting 99.6% Of Their List Price in December 2020
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low-interest rates, continues to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New Listings increased 12.9 percent for Single Family and 17.6 percent for Townhouse/Condo. Pending Sales increased 30.2 percent for Single Family and 45.9 percent for Townhouse/Condo. Inventory decreased 54.3 percent for Single Family and 47.8 percent for Townhouse/Condo.
Median Sales Price increased 12.9 percent to $285,000 for Single Family and 5.4 percent to $175,000 for Townhouse/Condo. Days on Market decreased 39.5 percent for Single Family and 34.4 percent for Townhouse/Condo. Months Supply of Inventory decreased 57.9 percent for Single Family and 53.3 percent for Townhouse/Condo.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
Average days on market for single family homes... 23 Days!
Check out what home prices are doing in Tucson, AZ for December 2020.
Tucson Market Report Highlights For December 2020:
- New Listings increased 12.9 percent for Single Family and 17.6 percent for Townhouse/Condo.
- Pending Sales increased 30.2 percent for Single Family and 45.9 percent for Townhouse/Condo.
- Inventory decreased 54.3 percent for Single Family and 47.8 percent for Townhouse/Condo.
- Median Sales Price increased 12.9 percent to $285,000 for Single Family and 5.4 percent to $175,000 for Townhouse/Condo.
- Days on Market decreased 39.5 percent for Single Family and 34.4 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 57.9 percent for Single Family and 53.3 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 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of December 2020 was 1,294 single-family homes sold and 236 townhouse/condos sold.
Which was +17.7% year-over-year change for single-family homes and +48.4% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In December 2020, the average sales price in Tucson of a single-family home in was $349,545 and $190,936 for a Townhouse/Condo.
Which was a +15.9% year-over-year change for single-family homes and a +7.0% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In December 2020, the median sales price in Tucson of a single-family home was $285,000 and $175,000 for a townhouse/condo.
Which was a +12.9% year-over-year change for single-family homes and a +5.4% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In December 2020, the average days it took a single-family home to sell was 23 days and 21 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -39.5% for a single-family home and -34.4% for a townhouse/condo.
Active Home Listings
In December 2020, the number of active listings in Tucson, Arizona for single-family homes was 1,020 and 140 for townhouse/condo.
This was a -54.3% year-over-year change for single-family homes and a -47.8% 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 home ownership today.
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