Tucson Housing Market Report - February 2022
Tucson Home Inventory Levels At An All Time Low!
NOTE: Tucson Association of Realtors reconciled the housing market report for FEB 2022 after I recorded the video. Consequently, the numbers in the video are slightly different than the numbers below.
Single Family Home Sellers Getting 99.6% Of Their List Price in February 2022
The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.
New Listings decreased 10.0 percent for Single Family and 4.6 percent for Townhouse/Condo. Pending Sales increased 1.1 percent for Single Family and 12.3 percent for Townhouse/Condo. Inventory decreased 3.2 percent for Single Family and 39.4 percent for Townhouse/Condo.
Median Sales Price increased 23.4 percent to $356,500 for Single Family and 21.5 percent to $249,000 for Townhouse/Condo. Days on Market decreased 3.8 percent for Single Family and 23.8 percent for Townhouse/Condo. Months Supply of Inventory decreased 12.5 percent for Single Family and 42.9 percent for Townhouse/Condo.
Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes are priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise
sales prices continue to soar
Check out what home prices are doing in Tucson, AZ for February 2022.
Average days on market for single family homes... 24 Days!
Tucson Market Report Year-over-Year Highlights For February 2022:
- New Listings decreased 10.0 percent for Single Family and 4.6 percent for Townhouse/Condo.
- Pending Sales increased 1.1 percent for Single Family and 12.3 percent for Townhouse/Condo.
- . Inventory decreased 3.2 percent for Single Family and 39.4 percent for Townhouse/Condo.
- Median Sales Price increased 23.4 percent to $356,500 for Single Family and 21.5 percent to $249,000 for Townhouse/Condo
- Days on Market decreased 3.8 percent for Single Family and 23.8 percent for Townhouse/Condo.
- o. Months Supply of Inventory decreased 12.5 percent for Single Family and 42.9 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 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of February 2022 were 1,050 single-family homes sold and 193 townhouses/condos sold.
Which was -0.7% year-over-year change for single-family homes and +3.8% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
Average Home Sales Price
In February 2022, the average sales price in Tucson of a single-family home was $437,443 and $272,549 for townhouses/condos.
Which was a +21.5% year-over-year change for single-family homes and a +27.2% year-over-year change for townhouses/condos from the previous year shown in the chart above.
Median Home Sales Price
In February 2022, the median sales price in Tucson of a single-family home was $356,500 and $249,000 for townhouses/condos.
Which was a +23.4% year-over-year change for single-family homes and a +21.5% year-over-year change for townhouses/condos as shown in the chart above.
Average Days On Market
In February 2022, the average days it took a single-family home to sell was 25 days and 16 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of -3.8% for a single-family home and -23.8% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In February 2022, the number of active listings in Tucson, Arizona for single-family homes was 909 and 80 for townhouses/condos.
This was a -3.2% year-over-year change for single-family homes and a -39.4% 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.
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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