Single Family Home Sellers Getting 98.4% Of Their List Price in October 2019
In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
New Listings increased 2.8 percent for Single Family but decreased 2.3 percent for Townhouse/Condo. Pending Sales increased 17.9 percent for
Single Family and 19.3 percent for Townhouse/Condo. Inventory decreased 19.9 percent for Single Family and 13.4 percent for Townhouse/Condo.
Median Sales Price increased 8.7 percent to $250,000 for Single Family but decreased 3.0 percent to $160,000 for Townhouse/Condo. Days on Market decreased 5.1 percent for Single Family and 22.9 percent for Townhouse/Condo. Months Supply of Inventory decreased 25.0 percent for Single Family and 12.5 percent for Townhouse/Condo.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
Average days on market for single family homes... 37 Days!
Check out what home prices are doing in Tucson, AZ for October 2019.
Tucson Market Report Highlights:
- New Listings increased 2.8 percent for Single Family but decreased 2.3 percent for Townhouse/Condo.
- Pending Sales increased 17.9 percent for Single Family and 19.3 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 25.0 percent for Single Family and 12.5 percent for Townhouse/Condo.
- Median Sales Price increased 8.7 percent to $250,000 for Single Family but decreased 3.0 percent to $160,000 for Townhouse/Condo.
- Days on Market decreased 5.1 percent for Single Family and 22.9 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 October 2019.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of October 2019 was 1,133 single family homes sold and 137 townhouse/condos sold.
Which was +2.3% year-over-year change for single-family homes and -13.8% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In October 2019, the average sales price in Tucson of a single-family home in was $294,367 and $177,140 for a Townhouse/Condo.
Which was a +9.4% year-over-year change for single-family homes and a +3.5% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In October 2019, the median sales price in Tucson of a single-family home was $250,000 and $160,000 for a townhouse/condo.
Which was a +8.7% year-over-year change for single-family homes and a -3.0% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In October 2019, the average days it took a single-family home to sell was 37 days and 27 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -5.1% for a single-family home and -22.9% for a townhouse/condo.
Active Home Listings
The number of active listings in Tucson, Arizona for single-family homes was 2,453 and 258 for townhouse/condo.
This was a -19.9% year-over-year change for single-family homes and a -13.4% 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 homeownership today.
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