Single Family Home Sellers Getting 99.9% Of Their List Price in February 2021
Mortgage interest rates ticked a bit higher in February, but remain belowtheir February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
New listings in Tucson decreased 6.6 percent for Single Family and 7.8 percent for Townhouse/Condo. Pending Sales increased 16.7 percent for Single Family and 14.1 percent for Townhouse/Condo. Inventory decreased 66.9 percent for Single Family and 64.3 percent for Townhouse/Condo.
Median Sales Price increased 11.5 percent to $290,000 for Single Family and 28.5 percent to $205,000 for Townhouse/Condo. Days on Market decreased 43.2 percent for Single Family and 38.9 percent for Townhouse/Condo. Months Supply of Inventory decreased 68.4 percent for Single Family and 68.8 percent for Townhouse/Condo.
For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
Average days on market for single family homes... 25 Days!
Check out what home prices are doing in Tucson, AZ for February 2021.
Tucson Market Report Highlights For February 2021:
- New Listings decreased 6.6 percent for Single Family and 7.8 percent for Townhouse/Condo.
- Pending Sales increased 16.7 percent for Single Family and 14.1 percent for Townhouse/Condo.
- Inventory decreased 66.9 percent for Single Family and 64.3 percent for Townhouse/Condo.
- Median Sales Price increased 11.5 percent to $290,000 for Single Family and 28.5 percent to $205,000 for Townhouse/Condo.
- Days on Market decreased 43.2 percent for Single Family and 38.9 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 68.4 percent for Single Family and 68.8 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 February 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of February 2021 was 1,012 single-family homes sold and 181 townhouse/condos sold.
Which was -.8 % year-over-year change for single-family homes and -1.6% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In February 2021, the average sales price in Tucson of a single-family home in was $361,853 and $215,650 for a Townhouse/Condo.
Which was a +18.4% year-over-year change for single-family homes and a +21.6% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In February 2021, the median sales price in Tucson of a single-family home was $290,000 and $205,000 for a townhouse/condo.
Which was a +11.5% year-over-year change for single-family homes and a +28.5% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In February 2021, the average days it took a single-family home to sell was 25 days and 22 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -43.2% for a single-family home and -38.9% for a townhouse/condo.
Active Home Listings
In February 2021, the number of active listings in Tucson, Arizona for single-family homes was 727 and 101 for townhouse/condo.
This was a -66.9% year-over-year change for single-family homes and a -64.3% 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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