What’s Available Today
Available inventory continues to increase to new highs every week to 5445 homes available. 11% of all listings will have a price reduction, and the median price for current inventory is fairly flat at $384,900. The median number of days that current inventory has been on the market is 59 days.
What Sold Last Month
The 1221 listings that sold last month were on the market 31 days and sold for a median price of $340,000. This is fewer homes sold and for less money than the previous month.
What’s it all Mean?
For buyers, those who recognize the current mortgage rates are still pretty good and not changing dramatically, are benefiting from more inventory and a longer sales cycle encouraging sellers to be more…flexible. Buyers also are not feeling as much stress as they have a little breathing room they didn’t have a few years ago.
For sellers, we see a lot of properties hit the market at the top end of their comparative scale, and then begin reducing price pretty quickly if the “perfect” buyer doesn’t immediately jump on it. Sellers with competitively priced listings that are well updated and move-in ready are seeing their listings move much faster, but still expecting to be on the market at least a month.
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