Single Family Home Sellers Getting 99.4% Of Their List Price in January 2021
January started off strong for the housing market in Tucson, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
New Listings decreased 23.6 percent for Single Family and 25.6 percent for Townhouse/Condo. Pending Sales increased 9.1 percent for Single Family and 20.0 percent for Townhouse/Condo. Inventory decreased 61.0 percent for Single Family and 57.4 percent for Townhouse/Condo.
Median Sales Price increased 19.6 percent to $293,000 for Single Family and 10.6 percent to $182,500 for Townhouse/Condo. Days on Market decreased 39.0 percent for Single Family but increased 3.8 percent for Townhouse/Condo. Months Supply of Inventory decreased 63.2 percent for Single Family and 62.5 percent for Townhouse/Condo.
The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.
Average days on market for single family homes... 25 Days!
Check out what home prices are doing in Tucson, AZ for January 2021.
Tucson Market Report Highlights For January 2021:
- New Listings decreased 23.6 percent for Single Family and 25.6 percent for Townhouse/Condo.
- Pending Sales increased 9.1 percent for Single Family and 20.0 percent for Townhouse/Condo.
- Inventory decreased 61.0 percent for Single Family and 57.4 percent for Townhouse/Condo.
- Median Sales Price increased 19.6 percent to $293,000 for Single Family and 10.6 percent to $182,500 for Townhouse/Condo.
- Days on Market decreased 39.0 percent for Single Family but increased 3.8 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 63.2 percent for Single Family and 62.5 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 January 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of January 2021 was 979 single-family homes sold and 152 townhouse/condos sold.
Which was +9.0% year-over-year change for single-family homes and -0.7% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In January 2021, the average sales price in Tucson of a single-family home in was $374,985 and $212,929 for a Townhouse/Condo.
Which was a +23.7% year-over-year change for single-family homes and a +6.8% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In January 2021, 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 January 2021, the average days it took a single-family home to sell was 25 days and 27 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -39.0% for a single-family home and -3.8% for a townhouse/condo.
Active Home Listings
In January 2021, the number of active listings in Tucson, Arizona for single-family homes was 881 and 123 for townhouse/condo.
This was a -61.0% year-over-year change for single-family homes and a -57.4% 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!
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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