Tucson Housing Market Report - July 2021
Single Family Home Sellers Getting 101.9% Of Their List Price in July 2021
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly
mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
New Listings increased 7.1 percent for Single Family and 5.0 percent for Townhouse/Condo. Pending Sales increased 5.7 percent for Single Family and 2.3 percent for Townhouse/Condo. Inventory decreased 28.5 percent for Single Family and 37.7 percent for Townhouse/Condo.
Median Sales Price increased 22.2 percent to $330,000 for Single Family
and 31.4 percent to $209,000 for Townhouse/Condo. Days on Market decreased 65.7 percent for Single Family and 61.3 percent for Townhouse/Condo. Months Supply of Inventory decreased 30.8 percent for Single Family and 46.2 percent for Townhouse/Condo.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR. Meanwhile, the foreclosure moratorium on federally backed mortgages, initiated at the beginning of the COVID-19 pandemic, expired on July 31. At present, about 1.75 million Americans remain in forbearance, which has decreased more than 50% from its peak during the pandemic.
Average days on market for single family homes... 12 Days!
Check out what home prices are doing in Tucson, AZ for July 2021.
Tucson Market Report Year-over-Year Highlights For July 2021:
- New Listings increased 7.1 percent for Single Family and 5.0 percent for Townhouse/Condo.
- Pending Sales increased 5.7 percent for Single Family and 2.3 percent for Townhouse/Condo.
- Inventory decreased 28.5 percent for Single Family and 37.7 percent for Townhouse/Condo.
- Median Sales Price increased 22.2 percent to $330,000 for Single Family and 31.4 percent to $209,000 for Townhouse/Condo.
- Days on Market decreased 65.7 percent for Single Family and 61.3 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 30.8 percent for Single Family and 46.2 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 July 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of July 2021 was 1,210 single-family homes sold and 211 townhouse/condos sold.
Which was -17.1% year-over-year change for single-family homes and -8.3% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In July 2021, the average sales price in Tucson of a single-family home in was $407,621 and $233,915 for a Townhouse/Condo.
Which was a +23.9% year-over-year change for single-family homes and a +34.2% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In July 2021, the median sales price in Tucson of a single-family home was $330,000 and $209,000 for a townhouse/condo.
Which was a +22.2% year-over-year change for single-family homes and a +31.4% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In July 2021, the average days it took a single-family home to sell was 12 days and 12 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -65.7% for a single-family home and -61.3% for a townhouse/condo.
Active Home Listings
In July 2021, the number of active listings in Tucson, Arizona for single-family homes was 1,109 and 144 for townhouse/condo.
This was a -28.5% year-over-year change for single-family homes and a -37.7% 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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