What is the state of the Tucson housing market doing for May 2023?
In May 2023, the median home sales price was $400,000 up 3.8% year-over-year. While the average days on market was 40 days and home inventory is up 10.7% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 20.0% year-over-year.
Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling,
buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.
New Listings decreased 21.1 percent for Single Family and 26.4 percent for Townhouse/Condo. Pending Sales decreased 7.7 percent for Single Family and 12.2 percent for Townhouse/Condo. Inventory increased 10.7 percent
for Single Family but decreased 4.1 percent for Townhouse/Condo. Median Sales Price increased 3.8 percent to $400,000 for Single Family and 3.1 percent to $267,000 for Townhouse/Condo. Days on Market increased 135.3 percent for Single Family and 150.0 percent for Townhouse/Condo. Months Supply of Inventory increased 54.5 percent for Single Family and 25.0 percent for Townhouse/Condo.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
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 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of May 2023 were 1,054 single-family homes sold and 182 townhouses/condos sold.
Which was -20.0% year-over-year change for single-family homes and -28.6% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In May 2023, the average sales price in Tucson of a single-family home was $499,655 and $288,931 for townhouses/condos.
Which was a +5.2% year-over-year change for single-family homes and a +2.8% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In May 2023, the median sales price in Tucson of a single-family home was $400,000 and $267,000 for townhouses/condos.
Which was a +3.8% year-over-year change for single-family homes and a +3.1% year-over-year change for townhouses/condos as shown in the chart above.
In May 2023, the average days it took a single-family home to sell was 40 days and 25 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +135.3% for a single-family home and +150.0% for a townhouse/condo.
In May 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,525 and 162 for townhouses/condos.
This was a +10.7% year-over-year change for single-family homes and a -4.1% change year-over-year change for townhouse/condos as shown in the chart above.
Total home inventory in the United States is just over 1,000,000.00 active listings. To get back to an equilibrium, home inventory would need to double closer to the 2 million range of active listings.
Putting the housing inventory into perspective, during the housing meltdown of 2007 – 2008, US home inventory was just over 4,000,000 active listings.
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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