What is the state of the Tucson housing market doing for September 2023?
In September 2023, the median home sales price was $385,500 up 2.3% year-over-year.
While the average days on market was 35 days and home inventory is down 23.8% year-over-year.
Meanwhile, closed home sales in Tucson have dropped 22.2% year-over-year.
National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
New Listings decreased 13.1 percent for Single Family and 24.4 percent for Townhouse/Condo. Pending Sales increased 3.6 percent for Single Family but decreased 12.1 percent for Townhouse/Condo. Inventory decreased 23.8 percent for Single Family and 34.0 percent for Townhouse/Condo.
Median Sales Price increased 2.3 percent to $385,500 for Single Family and 2.6 percent to $255,500 for Townhouse/Condo. Days on Market increased 20.7 percent for Single Family but decreased 4.0 percent for Townhouse/Condo. Months Supply of Inventory remained flat for Single Family but decreased 12.5 percent for Townhouse/Condo properties.
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1%
fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
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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 September 2023.
CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER.
Total real estate sales in Tucson for the month of September 2023 were 757 single-family homes sold and 102 townhouses/condos sold.
Which was -22.2% year-over-year change for single-family homes and -41.4% year-over-year change for townhouses/condos from the previous year as shown in the chart above.
In September 2023, the average sales price in Tucson of a single-family home was $466,736 and $279,461 for townhouses/condos.
Which was a +7.0% year-over-year change for single-family homes and a +5.3% year-over-year change for townhouses/condos from the previous year shown in the chart above.
In September 2023, the median sales price in Tucson of a single-family home was $385,500 and $255,500 for townhouses/condos.
Which was a +2.3% year-over-year change for single-family homes and a +2.6% year-over-year change for townhouses/condos as shown in the chart above.
In September 2023, the average days it took a single-family home to sell was 35 days and 24 days for townhouses/condos as shown in the chart above.
This was a year-over-year change of +20.7% for a single-family home and -4.0% for a townhouse/condo.
In September 2023, the housing affordability index in Tucson, Arizona for single-family homes was 73 and 111 for townhouses/condos.
This was a -12.0% year-over-year change for single-family homes and a -11.9% change year-over-year change for townhouse/condos as shown in the chart above.
In September 2023, the number of active listings in Tucson, Arizona for single-family homes was 1,950 and 202 for townhouses/condos.
This was a -23.8% year-over-year change for single-family homes and a -34.0% 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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