Tucson Housing Market Report - January 2022
Tucson Home Inventory Levels At An All Time Low!
Single Family Home Sellers Getting 99.6% Of Their List Price in January 2022
The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.
New Listings decreased 1.8 percent for Single Family but increased 6.9 percent for Townhouse/Condo. Pending Sales increased 17.1 percent for Single Family and 13.9 percent for Townhouse/Condo. Inventory decreased 5.7 percent for Single Family and 23.2 percent for Townhouse/Condo. Median Sales Price increased 20.7 percent to $350,000 for Single Family and 22.2 percent to $220,000 for Townhouse/Condo. Days on Market decreased 4.0 percent for Single Family and 19.2 percent for Townhouse/Condo. Months Supply of Inventory decreased 11.1 percent for Single Family and 28.6 percent for Townhouse/Condo.
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
Check out what home prices are doing in Tucson, AZ for January 2022.
Average days on market for single family homes... 24 Days!
Tucson Market Report Year-over-Year Highlights For January 2022:
- New Listings decreased 1.8 percent for Single Family but increased 6.9 percent for Townhouse/Condo.
- Pending Sales increased 17.1 percent for Single Family and 13.9 percent for Townhouse/Condo.
- Inventory decreased 5.7 percent for Single Family and 23.2 percent for Townhouse/Condo.
- Median Sales Price increased 20.7 percent to $350,000 for Single Family and 22.2 percent to $220,000 for Townhouse/Condo.
- Days on Market decreased 4.0 percent for Single Family and 19.2 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 11.1 percent for Single Family and 28.6 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 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of January 2022 were 960 single-family homes sold and 163 townhouses/condos sold.
Which was -5.4% year-over-year change for single-family homes and +2.5% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
Average Home Sales Price
In January 2022, the average sales price in Tucson of a single-family home was $422,407 and $238,978 for townhouses/condos.
Which was a +13.6% year-over-year change for single-family homes and a +13.4% year-over-year change for townhouses/condos from the previous year shown in the chart above.
Median Home Sales Price
In January 2022, the median sales price in Tucson of a single-family home was $350,000 and $220,000 for townhouses/condos.
Which was a +20.7% year-over-year change for single-family homes and a +22.2% year-over-year change for townhouses/condos as shown in the chart above.
Average Days On Market
In January 2022, the average days it took a single-family home to sell was 24 days and 21 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of –4.0% for a single-family home and -19.2% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In January 2022, the number of active listings in Tucson, Arizona for single-family homes was 997 and 106 for townhouses/condos.
This was a -5.7% year-over-year change for single-family homes and a -23.2% 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.
Use us to buy or sell a home in Tucson, AZ… Use our Moving Truck for FREE!
Contact Tyler Ford
Get Social
