Single Family Home Sellers Getting 99.00% Of Their List Price in June 2020
While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home
buyers.
New Listings decreased 17.7 percent for Single Family but increased 1.0
percent for Townhouse/Condo. Pending Sales increased 31.7 percent for Single Family and 27.6 percent for Townhouse/Condo. Inventory decreased 48.9 percent for Single Family and 24.7 percent for Townhouse/Condo.
Median Sales Price increased 4.0 percent to $260,000 for Single Family and 14.6 percent to $177,500 for Townhouse/Condo. Days on Market decreased 10.0 percent for Single Family and 9.1 percent for Townhouse/Condo. Months Supply of Inventory decreased 50.0 percent for Single Family and 20.0 percent for Townhouse/Condo.
While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer
selling season.
Average days on market for single family homes... 30 Days!
Check out what home prices are doing in Tucson, AZ for June 2020.
Tucson Market Report Highlights For June 2020:
- New Listings decreased 17.7 percent for Single Family and 1.0 percent for Townhouse/Condo.
- Pending Sales decreased 31.7 percent for Single Family and 27.6 percent for Townhouse/Condo.
- Inventory decreased 48.9 percent for Single Family and 24.7 percent for Townhouse/Condo.
- Median Sales Price increased 4.0 percent to $260,000 for Single Family and 14.6 percent to $177,500 for Townhouse/Condo.
- Days on Market decreased 10.0 percent for Single Family and 9.1 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 50.0 percent for Single Family and decreased 20.0 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 June 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of June 2020 was 1,263 single-family homes sold and 189 townhouse/condos sold.
Which was -3.8% year-over-year change for single-family homes and +2.7% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In June 2020, the average sales price in Tucson of a single-family home in was $313,617 and $199,188 for a Townhouse/Condo.
Which was a +4.5% year-over-year change for single-family homes and a +18.9% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In June 2020, the median sales price in Tucson of a single-family home was $260,000 and $177,500 for a townhouse/condo.
Which was a +4.0% year-over-year change for single-family homes and a -14.6% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In June 2020, the average days it took a single-family home to sell was 36 days and 30 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -10.0% for a single-family home and -9.1% for a townhouse/condo.
Active Home Listings
In June 2020, the number of active listings in Tucson, Arizona for single-family homes was 1,349 and 207for townhouse/condo.
This was a -48.9% year-over-year change for single-family homes and a -24.7% 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!
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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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