The Tucson Housing Market January 2017
Tucson Housing Market January 2017 Update From TARMLS
Tucson Housing Market January 2017
The Tucson Housing Market January 2017 report is good or poor depending on the data you look at. January’s Average Sales Price was DOWN over 4% from December.
But as economist would say – “on the other hand” the Median Sales Price for a Tucson home INCREASED 2.79%. Coming in at $184,000. The Year over year the January Average Sales Price was flat. INCREASING just 0.29%. Ending the first month of 2017 at $217,144.
Year over year, the January 2017 median sales price INCREASED 8.30% from the prior year.
Tucson home sellers lowered their expectations and DECREASED average listing prices by 4.75%. The average list price for a home in Tucson at the end of January 2017 is $222,156.
Active Listings were flat at 3,777. Up a mere 25 listings. That is an INCREASE of only 0.67% from December. Active listings remain below 4,000 for another month. Active Listings under 5,000 means the Tucson Real Estate market continues to be very “tight”. Year over Year active listings are DOWN 25.87%.
Homes under contract at the end of January INCREASED 19.46% to 2,063. There are some happy Realtors out there. And Tucson home buyers/sellers as well.
Days On Market INCREASED to 50 days in January. Buyers continue to pounce on well-priced homes.
With jobs being created in Tucson, one would expect the demand to continue to increase. Without more homes being listed for sale, that could mean buyers will increase their purchase offer prices in 2017. But it didn’t happened in January.
Tucson Housing Market January 2017 Mortgage Update
Mortgage rates are hovering just over 4.00%. And the latest thinking is that the FED won’t raise rates until June 2017. Hmmm, but if the inflation ticks up sooner, so could rates.
And now the Tucson Housing Market January 2017 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!