Highlights of third Quarter 2022:
* Median Sales Price rose 3% to $348,000
* Current Listings increased by 10%
* Days on Market increased 16% to 7 days
* Price Reductions on the rise = 20%* Data through September 2022. All data is for Single Family Homes in the Tucson Area only, all price ranges
More Homes + Lower Prices = Buyer’s Market?
Six months ago, some buyers were wondering if they should “wait until prices go down” to buy a house. Others were frustrated that there were not a lot of listings to choose from. So while we can say that both of those conditions have changed; The number of homes available on MLS has nearly doubled while prices are not increasing as chaotically as they were, we are still in a Seller’s market. Prices still went up, but not by a lot. Inventory, while increasing, is not overloaded. And while it is taking longer for homes to sell, it is still only 7 days average! So technically still a Seller’s market, but favoring the Buyer in many ways.
the Quick Facts:
the 30 Thousand foot picture:
Median Sales Price slowing slightly
While available homes increased dramatically
And homes are still selling fast, but slowing
- * Data through September 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