Single Family Home Sellers Getting 99.7% Of Their List Price in September 2020
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
New Listings increased 6.5 percent for Single Family and 28.6 percent for Townhouse/Condo. Pending Sales increased 36.8 percent for Single Family and 68.0 percent for Townhouse/Condo. Inventory decreased 50.8 percent for Single Family and 31.5 percent for Townhouse/Condo.
Median Sales Price increased 12.4 percent to $280,000 for Single Family and 11.0 percent to $172,000 for Townhouse/Condo. Days on Market decreased 33.3 percent for Single Family and 14.3 percent for Townhouse/Condo. Months Supply of Inventory decreased 54.5 percent for Single Family and 37.5 percent for Townhouse/Condo.
While mortgage rates remain near record lows, The Mortgage Bankers
Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID- 19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
Average days on market for single family homes... 24 Days!
Check out what home prices are doing in Tucson, AZ for September 2020.
Tucson Market Report Highlights For September 2020:
- New Listings increased 6.5 percent for Single Family but increased 28.6 percent for Townhouse/Condo.
- Pending Sales increased 36.8 percent for Single Family and 68.0 percent for Townhouse/Condo.
- Inventory decreased 50.8 percent for Single Family and 31.5 percent for Townhouse/Condo.
- Median Sales Price increased 12.4 percent to $280,000 for Single Family and 11.0 percent to $172,000 for Townhouse/Condo.
- Days on Market decreased 33.3 percent for Single Family and 14.3 percent for Townhouse/Condo.
- Months Supply of Inventory decreased 54.5 percent for Single Family and 37.5 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 September 2020.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Closed Home Sales
Total real estate sales in Tucson for the month of September 2020 was 1,163 single-family homes sold and 199 townhouse/condos sold.
Which was +1.8% year-over-year change for single-family homes and +30.1% year-over-year change for townhouse/condos from the previous year as shown in the chart above.
Average Home Sales Price
In September 2020, the average sales price in Tucson of a single-family home in was $349,594 and $192,931 for a Townhouse/Condo.
Which was a +21.1% year-over-year change for single-family homes and a +17.2% year-over-year change for townhouse/condo from the previous year shown in the chart above.
Median Home Sales Price
In September 2020, the median sales price in Tucson of a single-family home was $280,000 and $172,000 for a townhouse/condo.
Which was a +12.4% year-over-year change for single-family homes and a +11.0% year-over-year change for townhouse/condo as shown in the chart above.
Average Days On Market
In September 2020, the average days it took a single-family home to sell was 24 days and 24 days for a townhouse/condo as shown in the chart above.
This was a year-over-year change of -33.3% for a single-family home and -14.3% for a townhouse/condo.
Active Home Listings
In September 2020, the number of active listings in Tucson, Arizona for single-family homes was 1,224 and 191 for townhouse/condo.
This was a -50.8% year-over-year change for single-family homes and a -31.5% 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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