What is the state of the Tucson housing market doing for October 2023?
In October 2023, the median home sales price was $395,000 up 5.2% year-over-year.
While the average days on market was 39 days and home inventory is up 30.0% year-over-year.
Meanwhile, closed home sales in Tucson was up 0.1% year-over-year.
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
New Listings increased 0.7 percent for Single Family but decreased 3.4 percent for Townhouse/Condo. Pending Sales increased 22.3 percent for Single Family and 18.3 percent for Townhouse/Condo. Inventory decreased 19.8 percent for Single Family and 32.3 percent for Townhouse/Condo.
Median Sales Price increased 5.2 percent to $395,000 for Single Family and 4.0 percent to $260,000 for Townhouse/Condo. Days on Market increased 30.0 percent for Single Family but decreased 20.0 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 16.7 percent for Townhouse/Condo properties.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
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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 October 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales for the month of October 2023 were 744 single-family homes sold and 131 townhouses/condos sold.
Which was +0.1% year-over-year change for single-family homes and -12.1% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In October 2023, the average sales price in Tucson of a single-family home was $492,518 and $285,346 for townhouses/condos.
Which was a +8.9% year-over-year change for single-family homes and a +6.0% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In October 2023, the median sales price in Tucson of a single-family home was $395,000 and $260,000 for townhouses/condos.
Which was a +5.2% year-over-year change for single-family homes and a +4.0% year-over-year change for townhouses/condos as shown in the chart above.
In October 2023, the average days it took a single-family home to sell was 39 days and 20 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +30.0% for a single-family home and -20.0% for a townhouse/condo.
In October 2023, the housing affordability index in Tucson, Arizona for single-family homes was 69 and 104 for townhouses/condos.
This was a -10.0% year-over-year change for single-family homes and a -9.6% change year-over-year change for townhouse/condos as shown in the chart above.
In October 2023, the number of active listings in Tucson, Arizona for single-family homes was 2,166 and 228 for townhouses/condos.
This was a -19.8% year-over-year change for single-family homes and a -32.3% 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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