For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others
would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
New Listings decreased 4.8 percent for Single Family but increased 2.4
percent for Townhouse/Condo. Pending Sales increased 21.9 percent for
Single Family and 9.1 percent for Townhouse/Condo. Inventory decreased
30.1 percent for Single Family and 21.9 percent for Townhouse/Condo.
Median Sales Price increased 5.2 percent to $245,000 for Single Family and 9.7 percent to $170,000 for Townhouse/Condo. Days on Market decreased
14.6 percent for Single Family and 13.3 percent for Townhouse/Condo.
Months Supply of Inventory decreased 33.3 percent for Single Family and
21.1 percent for Townhouse/Condo.
We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer
demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.
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 January 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of January 2020 was 862 single family homes sold and 154 townhouse/condos sold.
Which was 10.2% year-over-year change for single-family homes and +24.8% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
In January 2020, the average sales price in Tucson of a single-family home in was $303,789 and $202,950 for a Townhouse/Condo.
Which was a +8.2% year-over-year change for single-family homes and a +12.7% year-over-year change for townhouse/condo from the previous year 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.
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.
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:
Which type of listing do you want to be?
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 homeownership today.
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