Tucson Residential Market Update January 2017

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 for January 2017.

In January 2017, the Tucson housing market showed signs of strength. Normally as we head out of the holiday season and into the 1st of the year the housing market slows down. This was not the case for January 2017.

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

Highlights of the Tucson Residential Real Estate Market Report for January 2017 are below:

Total Sales Volume of $237,338,796 is a decrease of 14.78% from December’s number of $278,489,391 but an increase of 13.60% over January 2016.
The Average Sales Price of $217,144 decreased 4.17% from last month.
Average List Price of $222,156 is a decrease of 4.75% from last month’s number of $233,223.
Total Under Contract increased this month by 19.46%.
Total Unit Sales of 1,093 is down from 1,229 in December resulting in an 11.07% decrease but is up from January 2016 by 13.26%.
The Median Sales Price jumped 2.79% going from $179,000 in December to $184,000. This is also an increase of 8.30% over January 2016.
New Listings of 2,282 rose from 1,261 in December, an increase of 80.97%.
Total Active Listings of 3,777 increased from 3,752 last month but have decreased 25.87% from January last year.
Average Days on Market for January is 50, up 1 day from December’s 49.
Conventional loan sales of 47.0% exceeded Cash Sales of 24.9%.

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 January 2017.

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

Total real estate sales in Tucson for the month of January 2017 were 1,093 units sold. Which was a decrease of 11.07% from the previous month as shown in the chart above.

In January 2017, the average sales price of a home in Tucson, Arizona was $217,144. Which was an decrease of 7.78% from the previous month as shown in the chart above.

In January 2017, the median sales price of a home in Tucson, Arizona was $184,000. Which was an increase of 2.79% from the previous month as shown in the chart above.

In January 2017, the average days a home was on the market was 50 days. Which was 1 day more than the previous month and 16 days less than the previous year as shown in the chart above.

The number of active listings in Tucson, Arizona in the month of January 2017 was 3,777 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:

The home that sells!
The home that gets showings but sells the house down the road.
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!