Tucson Real Estate Update – January 2023
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
The Results for the Tucson Housing Market January 2023 show both the Average and Median Sales Prices for a single family home increased year over year, by 7.1% and 2.9% respectively.
Active Listings continue at historic lows with 2,085 single family homes on the market at the end of January 2023. That translates to a 2.2 month supply.
It is worth noting that while active listings are up year over year, homes for sale actually dropped 13.1% from December 2022.
Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The Average sales price jumped up 15.8% and Median 14.7%.
Now for the details……
The Tucson Housing Market January 2023 – Single Family Homes
The Tucson Housing Market January 2023 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 258 units on the market. That is an increase of 95.5% from January 2022, but down 16.8% from the prior month.
Average Sales Prices – Increased 7.1% Year Over Year For Single Family Homes And 15.8% For Condos/Townhouses
Median Sales Prices – Increased 2.9% Year Over Year For Single Family Homes And 14.7% For Condos/Townhouses
Active Listings – Single Family Homes Increased 67.1% From January 2022 to 2,085 homes for sale. However, that was a Decrease of 13.1% from the prior month.
Average Days On Market (DOM) – Stands At 49 Days For Single Family Homes and 36 Days for Condos/Townhouses
For Single Family Home Days On Market increased 104.2% from January 2022. For Condo/Townhouses DOM increased 71.4% from the prior year period.
Percentage Of Listing Price Paid By Buyer – Is 97.6% For Single Family Homes And 98.1% For Condos/Townhouses
The Drivers are shifting – Inventory is UP year over year, but down from the prior month. As before, inventory is still low compared to “normal” market conditions. Mortgage interest rates are in the 5.5% to 6.5% range. Days on market is getting longer, but under 50 days. Demand continues to be strong to good depending on price point.
Demand for new construction has moderated and builders adding incentives to close the deal. There are new homes are being built across Tucson, but in most cases a new construction home will 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 $45,000 to $70,000 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 go with you to the first meeting at the sales office. Here are some considerations why Realtor representation for new construction is important.
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.
Tucson Is A Great Place To Live
Tucson remains one of the lower cost of living cities in Arizona and the U.S.
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.
Go to the Tucson housing report archives for a look at priore housing reports and trends.
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