TUCSON RESIDENTIAL REAL ESTATE MARKET REPORT FEBRUARY 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 February 2016.
Highlights of the Tucson Residential Real Estate Market Report for February 2016 are below:
- Total Sales Volume increased to 217,465,638 this month, a 4.08% increase from January’s number of $208,932,522, and an increase of 11.07% over February 2015.
- The Average Sales Price this month was $206,128 from $216,510 in January, a 4.80% decrease.
- Average List Price of $212,063 is down 4.81% from January’s number of $222,790.
- Total Under Contract increased in by 20.61%.
- Total Unit Sales rose to 1,055 this month, a 9.33% increase since January’s number of 965, and an increase of 12.83% from February 2015.
- The Median Sales Price decreased slightly to $168,900.
- New Listings decreased 6.95% from January.
- Total Active Listings of 5,078 is a slight decrease of .33% since January’s number of 5,095.
- Average Days on Market decreased to 65 in February from 66 in January.
- Conventional loan sales of 33.6% exceeded Cash Sales of 30.1%.
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 February 2016.
In February 2016, there were 1,055 closes sales for the month as shown in the chart above. These are normal numbers for this time of year.
That is an average of about 36.38 homes SOLD every day in Tucson in the month of February 2016. There are a couple of key factors in getting your home SOLD for the most amount of money in the least amount of time.
Key Factors In Getting Your Home SOLD:
- Price
- Uber Awesome Photos
- Home Look Great – 47 Key Factors To Make Your House Look Great!
In February 2016, the average sales price of a home in Tucson, Arizona was $206,128. Which was down 4.08% from January 2016 as shown in the chart above.
In February 2016, the median sales price of a home in Tucson, Arizona was $168,900. Which was down .59% from February 2016 as shown in the chart above.
As of February 2016, the average days a home was on the market was 65 days. Which is 1 day less than the previous month and 4 days less than the previous year as shown in the chart above.
The number of active listings in Tucson, Arizona in the month of February 2016 was 5,078 listings as shown on the chart above.
This number is one to keep an eye on. If this uptrend in inventory continues to look for the market to soften and prices do move down which sets up for a buyers market. Inventory levels are trending down which leads to a seller’s market causing home values to rise.
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 quick is key in getting your offer accepted.
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!
LINKS
The difference between average and median?
For a complete breakdown of the Monthly Statistics for February 2016: CLICK HERE
