What is the state of the Tucson housing market doing for March 2023?
In March 2023, the median home sales price was $365,000 up 2.8% year-over-year. While the average days on market was 47 days and home inventory is up 53.5% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 30.3% year-over-year.
Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of
REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.
New Listings decreased 18.7 percent for Single Family and 19.0 percent for Townhouse/Condo. Pending Sales decreased 9.0 percent for Single Family and 2.6 percent for Townhouse/Condo. Inventory increased 56.2 percent for Single Family and 74.9 percent for Townhouse/Condo.
Median Sales Price increased 2.8 percent to $365,000 for Single Family and 2.9 percent to $250,000 for Townhouse/Condo. Days on Market increased 117.4 percent for Single Family and 171.4 percent for Townhouse/Condo. Months Supply of Inventory increased 100.0 percent for Single Family and 100.0 percent for Townhouse/Condo.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.
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 February 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of March 2023 were 964 single-family homes sold and 177 townhouses/condos sold.
Which was -30.2% year-over-year change for single-family homes and -24.0% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In March 2023, the average sales price in Tucson of a single-family home was $463,017 and $295,275 for townhouses/condos.
Which was a +2.0% year-over-year change for single-family homes and a +4.4% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In March 2023, the median sales price in Tucson of a single-family home was $375,000 and $255,000 for townhouses/condos.
Which was a +1.4% year-over-year change for single-family homes and a +2.0% year-over-year change for townhouses/condos as shown in the chart above.
In March 2023, the average days it took a single-family home to sell was 47 days and 41 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +104.3% for a single-family home and +192.9% for a townhouse/condo.
In March 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,676 and 202 for townhouses/condos.
This was a +53.5% year-over-year change for single-family homes and a +60.3% 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.
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 home ownership today.
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