Category Archives: Tucson Housing Market Report

Tucson Real Estate Update – February 2021

A Quick Look At The Market From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

The Tucson Housing Market February 2021 Results shows both the Average and Median Sales Prices for single family homes increased year over year, by 18.4% and 11.5% respectively.

Active Listings continue at historic lows with only 727 single family homes on the market at the end of February. At the February rate of sales that translates into LESS than a 0.6 month supply.

OMG….. If you see it, like it, buy it …. FAST!

Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The Average sales price jumped up 21.6% and Median 28.5%. .

For a quick look back at the 2020 Housing Market and 2021 Forecast……GO Here!

The Quick Look ……

The Tucson Housing Market February 2021 – Overview – Single Family Homes

The Tucson Housing Market February 2021 – Condos & Townhouses

Inventory of Condos and Townhouses stands at 101 units on the market. That is a drop of 64.3% from February 2020.

Now the Details…….

Average Sales Prices – Increased 18.4% Year Over Year For Single Family Homes And 21.6% For Condos/Townhouses

Median Sales Prices – Increased 11.5% Year Over Year For Single Family Homes And 28.5% For Condos/Townhouses

Active Listings – Single Family Homes Decreased 66.9% From February 2020 To………. 727 Homes

Average Days On Market (DOM) – Stands At 25 Days

For Single Family Home Days On Market dropped 43.2% from February 2020, down – 19 days. For Condo/Townhouses DOM dropped 38.9%% from the prior year period – down 18 Days.

Thinking of putting your home on the market? Price it right and sell it – FAST!

Percentage Of Listing Price Paid By Buyer – Is 99.9% For Single Family Homes and 99.5% For Townhouses/Condos

Not a lot of negotiating going on! If you find the right home, be ready to pay very close to list price or OVER in the hot subdivisions.

The Drivers – NO Changes Here! Strong Demand, Low Mortgage Rates And Low Inventory

Demand is strong and inventory is at historical lows. Supply and demand are driving prices up.

Sellers are in command as buyers look for their “perfect” home in a market with low — REALLY LOW — inventory.

New construction home sales remain high. And the low number of “active listings” in the resale market is moving people to that choice. New homes are being built across Tucson. But in most cases, that new construction home will likely cost more than a resale.

Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $45,000 to $70,000 for a standard “no frills” pool.

And while 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.

February 2021 Mortgage Update

Mortgage rates are under 3.0% for a 30-year conventional loan. OMG, who would have thought that. And down payment requirements have been relaxed …….a bit.

The low rates relative to recent year over year appreciation in Tucson home values makes Tucson an easy choice.

And Tucson remains one of the lower cost of living cities in Arizona and the U.S.

The greater Tucson area continues is 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. Remember the Percentage Of Sales Price To List shown above…….99.4% for Single Family Homes.

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. But your chances of a “great deal” aren’t good.

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.

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

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!

Review 2020 & 2021Forecast For Real Estate

2020 Home Prices Were UP…….Big!

Even though the country has been in the grips of the pandemic since March, the Tucson Housing Market 2020 review saw prices at new highs. The upward trend hasn’t just continued as COVID-19 worsened; it’s gotten stronger and stronger throughout the second half of 2020.

While that may sound surprising, there are many reasons why real estate is selling faster during the crisis.

That real estate boom hasn’t been confined to a single state, or a handful of states, either. While activity and prices have soared nationally, Arizona has seen some of the most impressive figures – and that bodes well for homemakers and investors alike.

In fact, real estate has been one of the rare positives during a year that’s seen record unemployment and mass disruption to people’s lives, careers, and well being.

US House Prices are High

Lets put the bigger picture into the Tucson Housing Market 2020 Report. The housing market started to build early on in the crisis. By August, states across the country saw significant gains – and some of the most positive activity since before the great financial crash of 2008.

That may have bucked a general trend of bad news, but it was going to get even better for real estate. By September, house prices were still rising nationally. Things show no sign of slowing down as we approach 2021.

The way the market here in Arizona has behaved amid the COVID-19 pandemic has been even more extraordinary. It’s exceeded trends we’ve been seeing in the rest of the US.

In December, the Federal Housing Finance Agency (FHFA) ranked Tucson second for price appreciation compared to a list of one hundred other metro areas nationwide. During 2020, the agency estimates the value of homes in Tucson rose by an astonishing 10.3%. The increase was under 5% in the rest of the country.

That figure is based on some pretty solid data supplied by Fannie Mae and Freddie Mac – who have a stake in more than 50% of US mortgages – so it’s a good indicator of what’s an incredibly healthy real estate market.

The agency looks at properties that repeatedly sell to form an accurate idea of how much cash is changing hands and how that’s rising or falling over time.

US Interest Rates Are Low

Realtor Darren Robertson explains, “The Federal Reserve acted to protect jobs and the economy early on in the pandemic. It cut the interest rate and made a solid commitment to keep it low for as long as it takes the nation to recover from widespread lockdowns, layoffs, and pandemic measures.

That might well prove to be a good thing for business, but one of the most significant impacts of a low interest rate is cheaper mortgages. The fact the chairman of the Fed made it so clear earlier this year that the rate won’t rise until at least 2023 has done absolutely nothing to dampen confidence among homemakers and investors.”

More people than ever are looking to get on the real estate ladder for the first time or expand their investment portfolio. The only catch in Tucson at the moment is that buyers need to be on their toes and ready to grab property opportunities when they come up – because there isn’t an endless supply of real estate out there.

Supply and Demand – Driving Home Prices Higher

Housing supply isn’t a problem confined to Arizona. All across America, the effects of the pandemic have extended to construction – and especially during the first few months of measures, house building pretty much stopped.

That’s created a situation in most states where the demand for houses is a lot higher than the number of properties being constructed. COVID-19 didn’t just stop work either, it also caused supply chains to dry up, and materials became scarce.

When supply can’t keep up with demand – in any market – prices head North, and that’s precisely what’s been happening across the US during the pandemic.

In Tucson, where home builders were outpacing the supply of new lots even before COVID-19, that just means home values in Tucson are increasing faster, doubling the national trend.

It’s Cheaper to Buy in Arizona

While interest rates and supply and demand are both powerful drivers of the current real estate boom, it’s impossible to overlook the fact you just get more for your money in Tucson and other metro Arizona areas.

Nationally, the median house price sat at $312,800 in October 2020, but Arizona is still the cheapest of any neighboring states, with an average home costing just $283,623. In comparison, California comes in at $579,332, the median house price in Nevada is $311.018, and living in Utah will set you back $360,044.

One of the other big changes the pandemic has brought is working from home. People are bailing on cities in their thousands all over the US. Nearly half the workforce telecommuted during COVID-19, and many companies are committed to developing new ways of working.

A revolution driven by new tech even before the virus reared its head has gotten accelerated by lock downs and rising case numbers – and looks set to speed up after the pandemic passes, not slow down.

That sort of mass lifestyle change creates more demand in areas like Tucson, where families can get more space for their money than in America’s large cities – and a better quality of life.

Looking Forward – Living in Tucson, Arizona

The Fed’s commitment to a low interest rate through 2023 will only encourage a healthy real estate market right across America. The longer it continues, the higher supply and demand will drive prices.

That’s going to be truer in areas like Tucson, where it will take several years for construction to catch up. Combine that with a median house price which is so much lower than the national average, the way the virus has changed how we work and live, and the fact Arizona gets more than 300 sunny days each year, and it’s easy to see why folks wanted to move here this year.

Looking forward, that trend isn’t going to change any time soon.

The Above Guest Article Provided By …. Emila Smith

Final Thoughts

The December 2020 Tucson Housing Market Report is OUT!  And as expected, there are new records for Average and Median Prices, low inventory and days on market.

Its a reasonable guess that the the trends will continue into 2021.

So buyers attracted by low finance rates or Tucson sunny days will need to be close to asking price with offers. The good news is the demand for a home in Tucson is strong and so is home price appreciation.

The good news is, a quick look at what’s on the Tucson market right now tells us it’s still not too late to get involved.

Considering A Home In Tucson, AZ?

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 duo, 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. Our professional service backgrounds mean we put you first!

Thinking About Selling Your Home In The Greater Tucson Area?

Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.

To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.

And the photos on the mls make a difference. You can spend lots of money on home staging, but if the photos aren’t great it doesn’t matter. Staging and stunning photos make it all come together.

We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season.

For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.

To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.

Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”

Conclusion

We hope you found the Tucson Housing Market 2020 Report of interest. Don’t hesitate to contact us for more information or to set up your Tucson home search.

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

Our website provides 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.

We are a top Realtor duo in Tucson, AZ since 2002. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!

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 – September 2020

A Quick Look At The Market From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

The Tucson Housing Market September 2020 report shows both the Average and Median Sales Prices for single family homes increased year over year, by 15.1% and 12.4% respectively.

Active Listings continue at historic lows with only 1,224 single family homes on the market at the end of September. At the September rate of sales that translates into a 1.0 month supply. OMG….. If you see it, like it, buy it …. FAST!

Following single family homes, the median sales price and average price for Condos and Townhouses moved up as well. The Average sales price jumped up  18.3% and the Median sales price moved up 11.0%.

Now for the details……

The Tucson Housing Market September 2020 – Single Family Homes

The Tucson Housing Market September 2020 – Condos & Townhouses

Inventory of Condos and Townhouses stands at 191 units on the market. That is a drop of 31.5% from September 2019.

Average Sales Prices – Increased 15.1% Year Over Year For Single Family Homes And 18.3% For Condos/Townhouses

Median Sales Prices – Increased 12.4% Year Over Year For Single Family Homes And 11.0% For Condos/Townhouses

Active Listings – Single Family Homes Decreased 50.8% From September 2019

Average Days On Market (DOM) – Stands At 24 Days

That’s down 33.3% from September 2019, down – 5 days – from August 2020.

Thinking of putting your home on the market? Price it right and sell it – FAST!

Percentage Of Listing Price Paid By Buyer – Is 99.7% For Single Family Homes

Not a lot of negotiating going on! If you find the right home, be ready to pay very close to list price or OVER in hot subdivisions.

The Drivers – NO Changes Here! Strong Demand, Low Mortgage Rates And Low Inventory

Demand is strong and inventory is at historical lows driving prices up.

Sellers are in command as buyers look for their “perfect” home in a market with low — REALLY LOW — inventory.

New construction home sales remain high. And the low number of “active listings” in the resale market is moving people to that choice. New homes are being built across Tucson. But in most cases, that new construction home will likely cost more than a resale.

Landscaping, decorating and window treatments are not included. Want a pool, plan on $45,000 to $70,000 for a standard no frills pool.

And while 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.

September 2020 Mortgage Update

Mortgage rates are under 3.0% for a 30-year conventional loan. OMG, who would have thought that. And down payment requirements have been relaxed …….a bit.

The low rates relative to recent year over year appreciation in Tucson home values makes Tucson an easy choice.

And Tucson remains one of the lower cost of living cities in Arizona and the U.S.

The greater Tucson area continues is 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.

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. But your chances of a “great deal” aren’t good.

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.

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

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!