Tucson Residential Market Update August 2016

Each month the Tucson Association of Realtors® Multiple Listing Service comes out with Tucson’s monthly housing report. The numbers are out for the Tucson residential real estate market report August 2016.

Check out what home prices are doing in Tucson, AZ for August 2016.

Highlights of the Tucson Residential Real Estate Market Report for August 2016 are below:

• Total Sales Volume increased 2.12% to $311,954,046 from $305,485,314 in July but is an increase of 15.83% over August 2015.
• The Average Sales Price of $220,774 is an increase of 0.82% from July’s number of $218,985.
• Average List Price of $226,428 increased 0.74% from July’s number of $224,771.
• Total Under Contract decreased by 0.45% since July.
• Total Unit Sales of 1,413 increased 1.29% since July’s number of 1,395 and is an increase of 10.74% over August 2015.
• The Median Sales Price rose to $185,000 this month from $181,500 last month, a 1.93% increase.
• New Listings increased to 1,925 from 1,677 in July and are down 4.28% from August 2015.
• Total Active Listings of 3,919 is a decrease of 0.43% since July’s number of 3,936.
• Average Days on Market of 48 is a decrease from 50 in July.
• Conventional loan sales of 43.2% exceeded Cash Sales of 20.9%.

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 we compiled to give you a visual of how the Tucson housing market is trending for August 2016.

CLICK ON THE CHARTS BELOW TO SEE THEM BIGGER AND READABLE. 

Total real estate sales in Tucson for the month of August 2016 were 1,413 units sold. Which was an increase of 1% from the previous month.

In August 2016, the average sales price of a home in Tucson, Arizona was $220,774. Which was an increase of .82% from July 2016 as shown in the chart above.

In August 2016, the median sales price of a home in Tucson, Arizona was $185,000. Which was an an increase of 1.93% from July 2016 as shown in the chart above.

In August 2016, the average days a home was on the market was 48 days. Which is 2 days less than the previous month and 15 days less than the previous year as shown in the chart above.

The number of active listings in Tucson, Arizona in the month of August 2016 was 3,919 listings as shown on the chart above.

This number is one to keep an eye on.

If this down trend in inventory continues look for the market to strengthen and prices to move up which sets up for a sellers market.

TUCSON 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 in getting your offer accepted.

TUCSON HOME SELLERS

As the number of listings decrease sellers are poised to sell their home faster and for more money. Marketing and making your home look great are keys to selling your home FAST and for MORE MONEY.  

As a seller, your home is one of three listings:

1. The home that sells!
2. The home that gets showings but sells the house down the road.
3. 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 to work for you. We would love to earn your business!

LINKS

The difference between average and median?

For a complete breakdown of Tucson Home Prices Monthly Statistics for August 2016: CLICK HERE