Highlights of first Quarter 2022:

* Median Sales Price rose 4% to $323,000

* Current Listings increased by 4%

* Days on Market remained flat at 5 days

• * Data through March 2022. All data is for Single Family Homes in the Tucson Area only, all price ranges

The out of control freight train that was the real estate market in Tucson over the past 2 years appears to be slowing ever so slightly. A 4% gain in sales price is modest compared to 12-20% we saw in recent quarters. But while a rise in current listings is encouraging, 4% does not feel like a big buyer’s rally coming our way. Add to that a continued lack of available homes to buy and it’s clear why we are still in a seller’s market.

Looking ahead to Summer 2022:

Nationally, an early surge in prices has kept some buyers on the sidelines, while others picked through the limited inventory trying to get into a home as mortgage rates looked to be headed up. According to National Association of Realtors Chief Economist Lawrence Yun, the latest numbers could be a sign of a normalizing market. “The falling contract signings are implying that multiple offers will soon dissipate and be replaced by much calmer and normalized market conditions,” Yun said in a statement.

the Quick Facts:

the 30 Thousand foot picture:

Median Sales Price slowing slightly

While available homes remains flat

And homes are still selling fast

• * Data through March 2022. All data is for Single Family Homes in the Tucson Area only, all price ranges

Asia and I track numerous data points that are great indicators of what’s happening in the Tucson market.  This enables us to stay in front of local trends and guide our clients through what can be turbulent waters. We also connect with several industry experts who provide unique analysis of the broader national housing market as it is important to understand where Tucson fits into the overall landscape.

~ Doug Deck, REALTOR- ABR, MRP, SRES