The Tucson Housing Market December 2016
Tucson Housing Market December 2016 Update From TARMLS
Tucson Housing Market December 2016
The Tucson Housing Market December 2016 report shows prices increasing from the November report. December’s Average Sales Price was UP over 4% from November. The Average Sales Price for a Tucson home INCREASED 4.21% from November. Coming in at $226,598. The Year over year the December Average Sales Price INCREASED 7.03%.
December’s median sales price DECREASED 3.19% from November to $179,000. Year over Year the median sales price INCREASED 1.70%.
Tucson home sellers raised their expectations and INCREASED listing prices by mere 4.53%.
The average list price for a home in Tucson at the end of December 2016 is $233,223.
December’s Active Listings were down again. DECREASING 7.75% from November. Active listings dropped below 4,000 and stand at 3,752. Active Listings under 5,000 means the Tucson Real Estate market continues to be very “tight”. Year over Year active listings are DOWN 23.24%.
Homes under contract at the end of December DECREASED 11.12% to 1,727.
Days On Market INCREASED to 49 days in December. Buyers continue to pounce on well-priced homes that met their needs. December may well be showing that supply and demand curves are real. With the low number of active listings average sales prices moved up.
With jobs being created in Tucson, one would expect the demand to continue to increase. Without more home being listed for sale, that mean buyers will increase their purchase price in 2017.
Tucson Housing Market December 2016 Mortgage Update
The FED increased interest rates in December and mortgage rates moved over 4.00%. Should the economy tick up, so will rates.
And now the Tucson Housing Market December 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!