Are you wondering what the Tucson home market is like?
Here are some highlights from the November Residential Sales Statistics:
- Total Sales Volume of $279,460,100 is a decrease of 3.26% from October’s number of $288,890,599 but an increase of 9.31% since November 2016. What this means is that there is a natural decrease in sales in November (and December) of home sales around the holidays, but it shows an increase in volume from last year.
- The Average Sales Price is up this month going from $238,358 in October to $246,437, a 3.39% increase. • Average List Price of $252,533 increased 3.58% from October. This shows that home prices in Tucson continue to rise.
- Total Under Contract of 1,531 is a decrease of 7.38% since last month. Again, this reflects the holiday slowdown.
- The Median Sales Price rose this month to $207,527 from $199,900 in October resulting in a 3.82% increase and a 12.24% increase over November 2016. This shows a rise in actual sale price from October to November.
- New Listings decreased significantly this month going from 1,896 in October to 1,494 in November resulting in a 21.20% change. There is a continual shortage of homes for sale in Tucson but because of the time of the year, this decrease is likely due to the holidays. Homeowners like to stay in their homes for the holidays and worry about selling after the end of the year.
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- Average Days on Market increased from 40 to 44 this month. This likely means that the Tucson market is becoming more balanced.
- Conventional loan sales of 44.2% exceeded Cash Sales of 24.6%. This also is an indicator of a more balanced market with more buyers being able to obtain loans.
So, what does this Tucson Market Report mean to you?
It depends if you’re on the buying or selling side. But in general, it means that Tucson market continues to be strong, the prices of residential real estate continue to rise, and the market trends indicate that we may be moving into an overall more balanced market.
Is it a good time to buy a home in Tucson then?
Absolutely! The interest rates are still low, so buyers get more house for their money and they are able to obtain home loans. The demand, however, is high with a relatively low inventory. So, we are still in a seller’s market.
What about selling a home?
For most areas in Tucson, it is a fantastic time to sell a home. There are many buyers looking for homes, which means that chances are that your house will sell quickly.