What is the state of the Tucson housing market doing for November 2022?
In November 2022, the median home sales price was $375,525 up 7.6% year-over-year. While the average days on market was 38 days and home inventory is up 51.6% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 49.4% year-over-year.
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New Listings decreased 26.2 percent for Single Family but remained flat for Townhouse/Condo. Pending Sales decreased 42.3 percent for Single Family and 15.7 percent for Townhouse/Condo. Inventory increased 51.6 percent for Single Family and 72.6 percent for Townhouse/Condo.
Median Sales Price increased 7.6 percent to $375,525 for Single Family and 9.5 percent to $242,000 for Townhouse/Condo. Days on Market increased 90.0 percent for Single Family and 88.2 percent for Townhouse/Condo. Months Supply of Inventory increased 84.6 percent for Single Family and 100.0 percent for Townhouse/Condo.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
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 2022.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of November 2022 were 628 single-family homes sold and 87 townhouses/condos sold.
Which was -49.4% year-over-year change for single-family homes and -59.0% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In November 2022, the average sales price in Tucson of a single-family home was $465,529 and $268,920 for townhouses/condos.
Which was a +10.4% year-over-year change for single-family homes and a +14.7% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In November 2022, the median sales price in Tucson of a single-family home was $375,525 and $242,000 for townhouses/condos.
Which was a +7.6% year-over-year change for single-family homes and a +9.5% year-over-year change for townhouses/condos as shown in the chart above.
In November 2022, the average days it took a single-family home to sell was 38 days and 32 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +90.0% for a single-family home and +88.2% for a townhouse/condo.
In November 2022, the number of active listings in Tucson, Arizona for single-family homes was 2,468 and 321 for townhouses/condos.
This was a +51.6% year-over-year change for single-family homes and a +72.6% 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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