Category Archives: Tucson Real Estate News

 Insights From The May 2023 Tucson Housing Market

 Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

Tucson Housing Market For May 2023 shows year over year sales prices for single family homes. The median sales price increased 3.8% and the average sales price gained 5.2% from May 2022.

Active Listings are up 10.7% from May 2022 with 1,525 single family homes on the market at the end of May. At the current burn rate for closed transactions that translates in to 1.7 months of inventory.

Condos and Townhouses prices moved up as well. The year over year Median sales price jumped up 3.1% and Average sales price 5.2%. With 162 Active Listings of Condo/Townhouses on the market there is only a 1.0 months supply.

One more thing, the ratio of sales price to list price is slightly under 100%. Single Family and Condo/Townhouse at 98.5% year to date.

Now for the details……

The Tucson Housing Market May 2023 – Single Family Homes

The Tucson Housing Market May 2023 – Condos & Townhouses

The Take Aways

> Mortgage Rates

Rates hit their highs during late 2022 when they were in the 6.95% to 7.35% range.

Throughout the first half of 2023, the average 30-year fixed mortgage rate has been fluctuating in the range of 6% to 7%. Since May, rates appear to have found stability in the mid-6% range. This has more borrowers ( AKA Home Buyers ) reentering the market in time for the summer home buying season.

Following the Federal Reserve’s decision to increase the benchmark rate by 25 basis points on May 3, Chairman Powell conveyed the committee’s belief that they are drawing closer to reaching their goal. Although the final outcome remains uncertain, his message potentially hints at a prospective pause in rate hikes later this year.

In the Tucson market, rates appear to be following this pattern holding in the range of 6.50% to 7.25% with Good to Very Good Credit.

> Demand

The 2020 Census count for Arizona was 7,151,502, an 11.9 percent increase over the 2010. This ranked Arizona among the 10 fastest-growing states. Four states with the most people moving to Arizona are, California, Washington. Texas and Colorado. The list of reasons for this inflow of people to Arizona are varied. Everything from cost of living, work related, politics to retirement.

But it is clear, Arizona is a popular destination for many reasons. Weather, cost of living and lifestyle are but a few.

The University of Arizona outlook on population of the greater Tucson area projects 227,000 more residents over the next 25 years. So, unless there is an event that stops these migrations and growth, the demand for home in the greater Tucson area will remain strong.

> Inventory Of Homes For Sale

May inventory of 1,525 single family homes is up 10.7% from May 2022. Over the past 12 months the highest number of homes on the market was 2,698 in October 2022. Over the 7 months since then, the inventory of homes for sale has DROPPED 43.5%.

The number of sellers is down…..down…..down. Why? The move up buyer can’t move up. Yes, they can get a lot for their home, but what can they buy? Buy at a higher mortgage rate as well.

> Prices

May’s average sales price for a single family home was up 5.2% from May 2022. Not insignificant. But what has occurred during the last 12 months. In June 2022, the average price for a single family home was $471,066. Eight months later, February 2023, the average price was $433,923. For May 2023, the average price was $499,655. That’s a 15.1% increase in 3 months and the highest average sales price in the last 12 months.

> The Bottom Line

Mortgage rates appear to be stable, demand continues to be high and inventory low. It is likely these factors will continue going forward. That means prices will continue to rise. Will home appreciation be greater than the borrowing rate? Hmmmmm? It is likely it will

Considering A Home Tucson – Give Us A Call

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.

Best of all, 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 realistic offer within your budget and timing constraints.

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.

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!

Historical 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.

By the way, if you missed last months update its right here – April 2023 Tucson Housing Market Update.

 The April 2023 Tucson Housing Market At A Glance

Real Estate Market Update From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

Tucson Housing Market For April 2023 shows both the Median and Average Sales Prices for single family homes increased by 1.3% and 1.6 % respectively from April 2022. Month to month the Median price increased 2.7% from March and the Average Price was flat.

Active Listings stand at 1,512 single family homes on the market at the end of April. While that is up 22.2% from April 2022, Active Listings were down 9.8 % from the March 2023 level.  April Active Listings translate into a 1.0 months supply.

Following single family homes, the Median and Average Sales price for Condos and Townhouses moved up as well. The year over year Median sales price jumped up 9.3% and Average sales price 3.0%. With 172 Active Listings of Condo/Townhouses on the market there is only a 1.0 months supply.

Now for the details……

The Tucson Housing Market April 2023 – Single Family Homes

The Tucson Housing Market April 2023 – Condos & Townhouses

The Drivers – NO Changes Here! Strong Demand, Historically Low Inventory and Mortgage Rates in the 6.5 to 7.0% range.

With the low inventory of Single Family Homes and Condos/Townhouses available, the Sale to List price ratio remains around 99%.  The Tucson market is NOT falling off a cliff.

As one would expect, the low resale inventory means the demand for new construction remains high. There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale.

Why? 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.

Another consideration is new home buyers are waiting 8 to 12++ months to move in.

Another option? A fixer upper could be the answer. If a “fixer upper” has even a small appeal, check out a 203K FHA loan. Its a good option to have in your pocket.

Considering A Home Tucson – Give Us A Call

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 are here for you!

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. While home price increases have fallen into single digits, the sale to list ratios are still around 99%.

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.

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!

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.

Tucson Real Estate Update – February 2023

Quick Update From Ben & Kim Boldt – Premier Tucson Homes

Quickly Search ALL Homes For Sale In Tucson AZ

The Results for the Tucson Housing Market February 2023 show the Average Sales Prices for a single family home Decreased 0.9% year over year. For the same period, the Median Sales Price Increased 1.7%.

Active Listings continue at historic lows with 1,906 single family homes on the market at the end of February 2023. That translates to a 2.0 month supply.

It is worth noting that while active listings are up year over year, they actually dropped 8.6% from January 2023.

The Average and Median Sales price for Condos and Townhouses increased year over year. The Average sales price increased 5.1% while the Median sales price gained 10.2%.

Now for the details……

The Tucson Housing Market February 2023 – Single Family Homes

The Tucson Housing Market February 2023 – Condos & Townhouses

Inventory of Condos and Townhouses stands at 236 units on the market. That is an increase of 116.5% from February 2022, but down 8.5% from the prior month.

Average Sales Prices – Decreased 0.9% Year Over Year For Single Family Homes, while Condos/Townhouses Increased 5.1%.

Median Sales Prices – Increased 1.7% Year Over Year For Single Family Homes and 10.2% For Condos/Townhouses

Active Listings – Single Family Homes Increased 67.0% From February 2022 to 1,906 homes for sale. However, that was a Decrease of 8.6% from the prior month.

Average Days On Market (DOM) – Stands At 54 Days For Single Family Homes and 35 Days for Condos/Townhouses

For Single Family Home Days On Market increased 116% from February 2022. For Condo/Townhouses DOM increased 118.8% from the prior year period.

Percentage Of Listing Price Paid By Buyer – Is 98.1% For Single Family Homes And 98.0% For Condos/Townhouses

——–

The Drivers are stable – Inventory is UP year over year, but down from the prior month. February inventory levels remain low compared to “normal” market conditions.

Mortgage interest rates are in the 5.5% to 6.5% range. Days on market continue to rise and finally broke the 50 day level. Demand continues to be strong to good depending on price point.

New construction builders are using incentives to close the deal. Homes are being built across Tucson, but keep in mind a new construction home may cost more than a resale due to landscaping and home furnishing costs.

Keep in mind, when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $50,000 to $90,000 for a standard no frills pool.

By the way, if you want to be represented by a Realtor when buying new construction your Realtor MUST BE with you for your first visit at the sales office. Here are some considerations on why Realtor representation for new construction is important.

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.

Why Consider Tucson?

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 with lots of Things To Do!

Keeping YOU Abreast Of The Market

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 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.

And best of all, our professional service backgrounds mean we put you first!

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 55+ 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!