Tucson Housing Market Report - November 2021
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The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings increased 3.7 percent for Single Family but decreased 10.4 percent for Townhouse/Condo. Pending Sales increased 16.1 percent for Single Family but decreased 7.7 percent for Townhouse/Condo. Inventory increased 0.8 percent for Single Family but decreased 25.4 percent for Townhouse/Condo.
Median Sales Price increased 20.8 percent to $349,000 for Single Family and 12.8 percent to $221,000 for Townhouse/Condo. Days on Market remained flat for Single Family but decreased 26.1 percent for Townhouse/Condo properties. Months Supply of Inventory decreased 8.3 percent for Single Family and 30.0 percent for Townhouse/Condo.
The most recent data from the National Association of REALTORS® reports the median single-family existing-home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots
Check out what home prices are doing in Tucson, AZ for November 2021.
Average days on market for single family homes... 20 Days!
Tucson Market Report Year-over-Year Highlights For November 2021:
- New Listings increased 3.7 percent for Single Family but decreased 10.4 percent for Townhouse/Condo.
- Pending Sales increased 16.1 percent for Single Family but decreased 7.7 percent for Townhouse/Condo.
- Inventory increased 0.8 percent for Single Family but decreased 25.4 percent for Townhouse/Condo.
- Median Sales Price increased 20.8 percent to $349,000 for Single Family and 12.8 percent to $221,000 for Townhouse/Condo.
- Days on Market remained flat for Single Family but decreased 26.1 percent for Townhouse/Condo properties.
- Months Supply of Inventory decreased 8.3 percent for Single Family and 30.0 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 November 2021.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of November 2021 were 1,181 single-family homes sold and 204 townhouses/condos sold.
Which was +1.5% year-over-year change for single-family homes and +13.3% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
Average Home Sales Price
In November 2021, the average sales price in Tucson of a single-family home was $422,725 and $234,950 for townhouses/condos.
Which was a +21.0% year-over-year change for single-family homes and a +15.3% year-over-year change for townhouses/condos from the previous year shown in the chart above.
Median Home Sales Price
In November 2021, the median sales price in Tucson of a single-family home was $349,000 and $221,000 for townhouses/condos.
Which was a +20.8% year-over-year change for single-family homes and a +12.8% year-over-year change for townhouses/condos as shown in the chart above.
Average Days On Market
In November 2021, the average days it took a single-family home to sell was 20 days and 17 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of 0.0% for a single-family home and -26.1% for a townhouse/condo.
Active Home Listings - Inventory of Tucson Homes For Sale
In November 2021, the number of active listings in Tucson, Arizona for single-family homes was 1,424 and 150 for townhouses/condos.
This was a +0.8% year-over-year change for single-family homes and a -25.4% 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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