The Tucson Housing Market April 2016
Tucson Housing Market April 2016 Update From TARMLS
Tucson Housing Market April 2016
The Tucson Housing Market again had strong gains over the prior month. April’s average sales price for a Tucson home sales price INCREASED 3.88 % from March to $221,280. Year over year, the average sales price for April was UP 4.99%. Year to date, average home sales prices have INCREASED 4.5% from December 2015.
The median sales prices was DOWN slightly in April – off 0.59%. Year over Year the median sales price was UP 5.07%.
The Tucson housing market April 2016 saw Active Listings DECLINE by 5.77% from March. Year over Year the DECLINE stood at 17.53%. Homes under contract at the end of April INCREASED by 3.69% month to month AND over 13% for year over year.
Days On Market stayed the same at 57 days in April. The average list price for a Tucson home INCREASED 4.06% to $227,924.
Tucson Housing Market April 2016 Mortgage Update
Mortgage rates remain well under 4.00% in the Tucson AZ housing market. Having a 3.5% mortgage interest rate when homes price increases are averaging 1.2% per month should encourage potential home buyers to take the plunge. Home price gains continue to offset the low mortgage rates year over year and make owning a home in Tucson AZ attractive.
The FED continues to push any further rate increased later into 2016. Will the lower inventory of homes drive price increases into the summer? Clearly, the 4+% increase in Average List Price suggested seller believe it will.
And now the Tucson Housing Market April 2016 Report
When submitting an offer
Given current inventory levels, low ball offers aren’t getting a lot of traction. So, if you “really” want the home, make a “reasonable” offer.
You have to ask yourself, “will I feel bad if I don’t get this house?” If the answer is no, then put in an offer you would feel is a steal and see what happens. If the answer is yes, put in an offer you and your Realtor think is reasonable.
We will work with you to understand your objectives and analyze the market to determine – as best we can – a price range for the home you want to buy or sell.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!