What is the state of the Tucson housing market doing for November 2023?
In November 2023, the median home sales price was $389,995 up 4.0% year-over-year.
While the average days on market was 36 days and home inventory is down 15.9% year-over-year.
Meanwhile, closed home sales in Tucson was down 7.3% year-over-year.
Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
New Listings increased 7.6 percent for Single Family but decreased 9.8 percent for Townhouse/Condo. Pending Sales increased 13.2 percent for Single Family but decreased 2.5 percent for Townhouse/Condo. Inventory
decreased 15.9 percent for Single Family and 27.1 percent for Townhouse/Condo.
Median Sales Price increased 4.0 percent to $389,995 for Single Family and 21.7 percent to $292,075 for Townhouse/Condo. Days on Market decreased 7.7 percent for Single Family and 15.6 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 10.5 percent for Townhouse/Condo properties.
Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country.
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These numbers can be positive or negative depending on which side of the fence you are on… Buyer or Seller?
Below are some essential data charts to show how the Tucson housing market is trending for November 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales for the month of November 2023 were 618 single-family homes sold and 108 townhouses/condos sold.
Which was -7.3% year-over-year change for single-family homes and +17.4% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In November 2023, the average sales price in Tucson of a single-family home was $473,187 and $323,562 for townhouses/condos.
Which was a +2.4% year-over-year change for single-family homes and a +23.1% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In November 2023, the median sales price in Tucson of a single-family home was $389,995 and $292,075 for townhouses/condos.
Which was a +4.0% year-over-year change for single-family homes and a +21.7% year-over-year change for townhouses/condos as shown in the chart above.
In November 2023, the average days it took a single-family home to sell was 36 days and 27 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of -7.7% for a single-family home and -15.6% for a townhouse/condo.
In November 2023, the housing affordability index in Tucson, Arizona for single-family homes was 73 and 97 for townhouses/condos.
This was a -8.8% year-over-year change for single-family homes and a -22.4% change year-over-year change for townhouse/condos as shown in the chart above.
In November 2023, the number of active listings in Tucson, Arizona for single-family homes was 2,224 and 250 for townhouses/condos.
This was a -15.9% year-over-year change for single-family homes and a -27.1% 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.
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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