Single Family Home Sellers Getting 98.7% Of Their List Price in May 2020
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
New Listings decreased 20.2 percent for Single Family and 0.4 percent for Townhouse/Condo. Pending Sales increased 8.9 percent for Single Family and 21.8 percent for Townhouse/Condo. Inventory decreased by 35.4 percent for Single Family and 13.1 percent for Townhouse/Condo.
Median Sales Price increased 2.0 percent to $250,000 for Single Family but decreased 4.2 percent to $158,000 for Townhouse/Condo. Days on Market decreased 25.0 percent for Single Family but increased 4.0 percent for Townhouse/Condo. Months Supply of Inventory decreased 37.5 percent for Single Family and 6.3 percent for Townhouse/Condo.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
Average days on market for single family homes... 30 Days!
Check out what home prices are doing in Tucson, AZ for May 2020.
Tucson Market Report Highlights For May 2020:
- New Listings decreased 20.0 percent for Single Family and 0.4 percent for Townhouse/Condo.
- Pending Sales decreased 8.9 percent for Single Family and 21.8 percent for Townhouse/Condo.
- Inventory decreased 35.4 percent for Single Family and 13.1 percent for Townhouse/Condo.
- Median Sales Price increased 2.0 percent to $250,000 for Single Family and 4.2 percent to $158,000 for Townhouse/Condo.
- Days on Market decreased 25.0 percent for Single Family and 4.0 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 37.5 percent for Single Family but increased 6.3 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 May 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of May 2020 was 1,026 single-family homes sold and 132 townhouse/condos sold.
Which was -30.0% year-over-year change for single-family homes and -41.3% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In May 2020, the average sales price in Tucson of a single-family home in was $299,528 and $181,238 for a Townhouse/Condo.
Which was a +0.9% year-over-year change for single-family homes and a -0.3% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In May 2020, the median sales price in Tucson of a single-family home was $250,000 and $158,000 for a townhouse/condo.
Which was a +2.0% year-over-year change for single-family homes and a -4.2% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In May 2020, the average days it took a single-family home to sell was 31 days and 23 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -27.9% for a single-family home and -23.3% for a townhouse/condo.
Active Home Listings
In May 2020, the number of active listings in Tucson, Arizona for single-family homes was 1,698 and 253 for townhouse/condo.
This was a -35.4% year-over-year change for single-family homes and a -13.1% 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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