Category Archives: Tucson Housing Market Report

Tucson Housing Market October 2022

Market Update From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

Our Tucson Housing Market October 2022 Update shows real estate adjusting to higher interest rates and improving home inventory. BUT, Sellers remain in control in most price ranges.

Also, the October 2022  sale to list price ratio is 98.5%. That is 3 months in a row under 100%. However, it did not change from the September level.

Average and Median Sales Prices for single family homes increased year over year by – 13.1% and 12.7% respectively.

Looking at the 2022 Year To Date changes for 2022 vs 2021 the increased remain double digit –  12.8% and 15.4%, respectively.

Active Listings increased to 2,526 at the end of October. That is up 35.8% from October 2021, BUT ONLY 8.1% from the prior month. At the current rate of sales that translates into a 2.3 months supply. Increasing, but still below historical levels and suggesting Sellers are still holding the cards.

Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up.

The year over year Condo/Townhouse Average sales price up 15.0% and Median was up 20.7%. Active listings increased to 316 units on the market and that is up over 70% over October 2021.

Now for the details……

The Tucson Housing Market October 2022 – Single Family Homes

Year over year price gains moved back to double digits as inventory continues to increase slowly.

The Tucson Housing Market October 2022 – Condos & Townhouses

Continuing double digit price gains and increasing month over month inventory.

Inventory of Condos and Townhouses stands at 316 units on the market. Up 70.1% from October 2021, but only 43 units or 15.8% month to month.

Average Sales Prices – Single Family Home Increased 13.1% Year Over Year & Condo/Townhouses gained 15.0%

Median Sales Prices – Single Family Home Increased 12.7% Year Over Year & Condo/Townhouses gained 20.7%

Active Listings – Single Family Homes Increased 35.8% From October 2021…..To 2,526 homes & Condo/Townhouses Increased 71.7% to 316 Units

Average Days On Market (DOM) – 30 Days For Single Family Homes and 25 days for Condo/Townhouses

Percentage Of List Price Paid By Buyer – Single Family Homes  at 98.5% of list and Condo/Townhouses Sold At 98.3%

SELLERS continue to control of the market due to the low number of homes for sale. The Sale/List price stayed below 100% for the third month, but did not change from September.

The demand for retirement or seasonal homes in Tucson remains strong, but as inventory grows one would expect the Sold/List price ratio to fall further.

The Drivers – Demand remains strong, inventory increasing slowly and mortgage rates topping 7.0+%.

How will those factors effect buyers during the last quarter of 2022 is a unanswered question?

New Construction

Demand for new construction remains strong, but some builders are “managing” the number of homes they are committing to build due to raising material costs and supply.

There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale. Last but not least, new home buyers are waiting 8 to 12++ months to get in the their home.

Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $70,000++ for a standard no frills pool.

And while home prices continue to rise, Tucson remains a good value compared to many areas in the U.S

If a “fixer upper” has some appeal, check out a 203K FHA loan. Its a good option to have in your pocket when buying a home in Tucson, AZ.

October 2022 Mortgage Update

Mortgage rates have moved over 7.0% for a 30-year conventional loan depending on the lender. Inflation has increased the cost of home ownership, but Tucson remains one of the lower cost of living cities in Arizona and the U.S.

The greater Tucson area continues as a top pick for cities to live in across the United States.

Considering A Home Tucson?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction?

We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.

Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

When submitting an offer

Given current inventory levels, low ball offers aren’t getting traction. So, if you “really” want the home, make a “reasonable” offer. But with homes selling at 101.4% of list price 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 feel is a steal and see what happens. But your chances of a “great deal” aren’t good.

If you think the home is right for you and your family, put in an offer you and your Realtor think is reasonable.That is likely to be at list or higher!

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.

Longer term Tucson housing market trends can be found for Tucson Real Estate Trends 2006 to 2012 annual along with summaries of 2013 and 2014 annual data.

Go to the Tucson housing report archives for a look at recent housing reports and trends. Our outlook for 2015 is available in our latest issue of Tucson Realty Review.

Conclusion

Tucson Housing Market October 2022 continues to show strong year over year price increases. But higher prices and mortgage rates approaching 6% have cooled demand. Both home sales and mortgage applications have fallen from last years levels.

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us. Hopefully, you will agree.

Our website provides lots of information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for. Pandemic or not, we are on the job and ready to assist you find your future home or winter retreat in the Greater Tucson area.

Search the Tucson MLS for your dream home in Tucson Arizona using your criteria. Use the Tucson MLS Map to see where the Tucson MLS Areas are located.

Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

Tucson Real Estate Update – July 2022

Quick Update From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

Tucson Housing Market July 2022 shows real estate reflects the effects of higher interest rates and increased inventory in July. However, it is still a sellers market at this time.

Both the Average and Median Sales Prices for single family homes had year over year double digit gains – 12.9% and 16.7% respectively.

Active Listings increased to 2,027 at the end of July. That is up 26.6% from June 2022and 52.6% from July 2021. At the current rate of sales that translates into a 1.7 months supply. Increasing, but still below historical levels and suggesting Sellers are still holding the cards.

Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The year over year Condo/Townhouse Average sales price jumped up 18.0% and Median 20.0%. There are 222 units on the market and that is up 26.9% over July 2021.

As existing home sales continue to soften nationwide, housing supply is improving, with inventory up for the second straight month. One would expect price growth to moderate as supply grows. But mortgage interest rates have slipped back under 5.0% which may spur buyers to step back in.

Now for the details……

The Tucson Housing Market July 2022 – Single Family Homes

TUCSON HOUSING MARKET July 2022 Report shows big price gains and continued low – but improving –  Inventory. Start your Tucson home search here….

The Tucson Housing Market July 2022 – Condos & Townhouses

Inventory of Condos and Townhouses stands at 222 units on the market. Up 26.9% from June 2021.

Average Sales Prices – Increased 12.9% Year Over Year For Single Family Homes And 18.0% For Condos/Townhouses

Median Sales Prices – Increased 16.7% Year Over Year For Single Family Homes And 20.0% For Condos/Townhouses

Active Listings – Single Family Homes Increased 52.6% From July 2021…..To 2027 For Single Family Homes and 222 – Or 26.9% – Condo/TH.

Average Days On Market (DOM) – Stands At 18 Days For Single Family Homes and 14 days for Condo/Townhouses At the End Of June

Percentage Of Listing Price Paid By Buyer – Is 100.0% For Single Family Homes And 100.2% for Condos/Townhouses

SELLERS appear to remain in control of the market due to the low number of homes for sale. However, published mortgage interest rates eased into a range from 4.65% to 6.5%. Make sure to understand the terms, credit scores and points when getting a mortgage.

The big questions are – What will mortgage rates do?  Will inventory continue to increase? Is inflation getting under control?

The demand for retirement or seasonal homes in Tucson remains strong and more inventory is available.

The Drivers – Demand remains strong, mortgage rates easing, but inflation is up to the highest levels in 2+ decades.

Supply of homes for sale is growing and demand remains strong enough to move year over year prices up. How will those factors and lower mortgage interest rates effect buyers? Our August report should provide better insights.

Demand for new construction remains strong, but some builders are “managing” the number of homes they are committing to build due to raising material costs.

There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale. Last but not least, new home buyers are waiting 8 to 12++ months to get in the their home.

Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $70,000++ for a standard no frills pool.

And while home prices continue to rise, Tucson is still a good value compared to many areas in the U.S

If a “fixer upper” has even a small appeal, check out a 203K FHA loan. Its a good option to have in your pocket when buying a home in Tucson, AZ.

July 2022 Mortgage Update

Mortgage rates have eased into a range from 4.675 % to 6.60% for a 30-year conventional loan depending on the lender. Inflation has increased the cost of home ownership, but Tucson remains one of the lower cost of living cities in Arizona and the U.S.

The greater Tucson area continues as a top pick for cities to live in across the United States.

Considering A Home Tucson?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction?

We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.

Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

When submitting an offer

Given current inventory levels, low ball offers aren’t getting traction. So, if you “really” want the home, make a “reasonable” offer. But with homes selling at 101.4% of list price 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 feel is a steal and see what happens. But your chances of a “great deal” aren’t good.

If you think the home is right for you and your family, put in an offer you and your Realtor think is reasonable.That is likely to be at list or higher!

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.

Longer term Tucson housing market trends can be found for Tucson Real Estate Trends 2006 to 2012 annual along with summaries of 2013 and 2014 annual data.

Go to the Tucson housing report archives for a look at recent housing reports and trends. Our outlook for 2015 is available in our latest issue of Tucson Realty Review.

Conclusion

Tucson Housing Market July 2022 continues to show strong year over year price increases. But higher prices and mortgage rates approaching 6% have cooled demand. Both home sales and mortgage applications have fallen from last years levels.

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us. Hopefully, you will agree.

Our website provides lots of information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for. Pandemic or not, we are on the job and ready to assist you find your future home or winter retreat in the Greater Tucson area.

Search the Tucson MLS for your dream home in Tucson Arizona using your criteria. Use the Tucson MLS Map to see where the Tucson MLS Areas are located.

Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!

June 2022 Update On Tucson Real Estate Market

Quick Update From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

Tucson Housing Market June 2022 shows real estate is beginning to feel the effects of higher interest rates and increased inventory. However, in Tucson, it is still a sellers market at this time. Both the Average and Median Sales Prices for single family homes had year over year double digit gains – 11.0% and 13.2% respectively.

Active Listings increased to 1,601 at the end of June. That is up 36.1% from May and 41.1% from June 2021. At the current rate of sales that translates into a 1.3 months supply. Increasing, but still below historical levels and suggesting a Sellers market remains the norm.

Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The year over year Condo/Townhouse Average sales price jumped up 13.7% and Median 16.6%.

Now for the details……

The Tucson Housing Market June 2022 – Single Family Homes

The Tucson Housing Market June 2022 – Condos & Townhouses

Inventory of Condos and Townhouses stands at 191 units on the market. Up 29.1% from June 2021.

Average Sales Prices – Increased 11.0% Year Over Year For Single Family Homes And 13.7% For Condos/Townhouses

Median Sales Prices – Increased 13.2% Year Over Year For Single Family Homes And 16.6% For Condos/Townhouses

Active Listings – Single Family Homes Increased 41.1% From June 2021…..To 1,601 Single Family Homes and 191 Condo/TH.

Average Days On Market (DOM) – Stands At 15 Days For Single Family Homes and 11 days for Condo/Townhouses At the End Of June

Percentage Of Listing Price Paid By Buyer – Is 101.4% For BOTH Single Family Homes And Condos/Townhouses

Its is still a SELLERS market do to the low number of homes for sale, but with mortgage interest rates going up that is likely to shift. But when?

Stock market performance also influences many cash buyers. How soon and by how much remains to be seen.

The big question is how high will mortgage rates go and will inventory continue to increase? The demand for retirement or seasonal homes in Tucson remains strong. But will that continue as we move into late summer and mid term elections?

The Drivers – Demand remains strong, but mortgage rates are going up following inflation across the U.S.

Supply and demand continue to move prices up, but the effects of mortgage interest rates and inflation may be flattening the curve. At least the Fed thinks so.

Sellers remain in command as buyers look for their “perfect” home in a market with LOW inventory.

Demand for new construction remains strong, but some builders are “managing” the number of homes they are committing to build due to raising material costs.

There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale. Last but not least, new home buyers are waiting 8 to 12++ months to get in the their home.

Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $70,000++ for a standard no frills pool.

And while home prices continue to rise, Tucson is still a good value compared to many areas in the U.S

If a “fixer upper” has even a small appeal, check out a 203K FHA loan. Its a good option to have in your pocket when buying a home in Tucson, AZ.

June 2022 Mortgage Update

Mortgage rates have increased into a range from 5.675 % to 6.125% for a 30-year conventional loan. But the Fed may be increasing their rates before the end of July. Some suggest 75 to 100 basis point increase.

Cost of ownership has increased, Tucson remains one of the lower cost of living cities in Arizona and the U.S.

The greater Tucson area continues as a top pick for cities to live in across the United States.

Considering A Home Tucson?

Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.

We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.

At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.

Why? We want you to know what to expect. And what to plan for.

Interested in new construction?

We’ll brief you on buying a new construction home. And what’s unique about the process.

For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.

Review our profiles. Check out our backgrounds, education, and certifications.

We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.

We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!

When submitting an offer

Given current inventory levels, low ball offers aren’t getting traction. So, if you “really” want the home, make a “reasonable” offer. But with homes selling at 101.4% of list price 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 feel is a steal and see what happens. But your chances of a “great deal” aren’t good.

If you think the home is right for you and your family, put in an offer you and your Realtor think is reasonable.That is likely to be at list or higher!

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.

Longer term Tucson housing market trends can be found for Tucson Real Estate Trends 2006 to 2012 annual along with summaries of 2013 and 2014 annual data.

Go to the Tucson housing report archives for a look at recent housing reports and trends. Our outlook for 2015 is available in our latest issue of Tucson Realty Review.

Conclusion

Tucson Housing Market June 2022 continues to show strong year over year price increases. But higher prices and mortgage rates approaching 6% have cooled demand. Both home sales and mortgage applications have fallen from last years levels.

Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us. Hopefully, you will agree.

Our website provides lots of information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.

We are ready to answer your questions and help you get the information you are looking for. Pandemic or not, we are on the job and ready to assist you find your future home or winter retreat in the Greater Tucson area.

Search the Tucson MLS for your dream home in Tucson Arizona using your criteria. Use the Tucson MLS Map to see where the Tucson MLS Areas are located.

Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!

Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.

Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!