Tucson Housing Market Report - December 2021
What Will The Tucson Housing Market Do In 2022?
Single Family Home Sellers Getting 99.6% Of Their List Price in December 2021
The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.
New Listings increased 6.0 percent for Single Family and 4.4 percent for Townhouse/Condo. Pending Sales increased 11.6 percent for Single Family and 12.6 percent for Townhouse/Condo. Inventory increased 2.4 percent for Single Family but decreased 24.0 percent for Townhouse/Condo.
Median Sales Price increased 25.9 percent to $352,500 for Single Family and 22.3 percent to $211,000 for Townhouse/Condo. Days on Market increased 4.3 percent for Single Family and 9.5 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 33.3 percent for Townhouse/Condo properties.
Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.
Check out what home prices are doing in Tucson, AZ for December 2021.
Average days on market for single family homes... 24 Days!
Tucson Market Report Year-over-Year Highlights For December 2021:
- New Listings increased 6.0 percent for Single Family and 4.4 percent for Townhouse/Condo.
- Pending Sales increased 11.6 percent for Single Family and 12.6 percent for Townhouse/Condo.
- Inventory increased 2.4 percent for Single Family but decreased 24.0 percent for Townhouse/Condo.
- Median Sales Price increased 25.9 percent to $352,500 for Single Family and 22.3 percent to $211,000 for Townhouse/Condo.
- Days on Market increased 4.3 percent for Single Family and 9.5 percent for Townhouse/Condo.
- Months Supply of Inventory remained flat for Single Family but decreased 33.3 percent for Townhouse/Condo properties.
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 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of December 2021 were 1,249 single-family homes sold and 180 townhouses/condos sold.
Which was -9.2% year-over-year change for single-family homes and -28.9% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
Average Home Sales Price
In December 2021, the average sales price in Tucson of a single-family home was $425,073 and $241,692 for townhouses/condos.
Which was a +22.9% year-over-year change for single-family homes and a +27.4% year-over-year change for townhouses/condos from the previous year shown in the chart above.
Median Home Sales Price
In December 2021, the median sales price in Tucson of a single-family home was $352,500 and $211,000 for townhouses/condos.
Which was a +25.9% year-over-year change for single-family homes and a +22.3% year-over-year change for townhouses/condos as shown in the chart above.
Average Days On Market
In December 2021, the average days it took a single-family home to sell was 24 days and 23 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +4.3% for a single-family home and +9.5% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In December 2021, the number of active listings in Tucson, Arizona for single-family homes was 1,231 and 133 for townhouses/condos.
This was a +2.4% year-over-year change for single-family homes and a -24.0% 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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