The Tucson Housing Market July 2017
Tucson Housing Market July 2017 Update From TARMLS
Tucson Housing Market July 2017 – Behind The Numbers
The Tucson Housing Market July 2017 report shows the average sales price DECREASED 4.79% to $226,827. But is still UP 3.58% from July 2016.
July’s Average Sales Price fell back to the December 2016 levels. With the Average Sale Price being just $229 higher than December’s $226,598. July’s dramatic drop in Average Sales Price wiped out the 2017 year to date gains. Ugh!
Also, the July 2017 average sales price stands at 77.3% of the June 2007 peak average sales price.
The Median Sales Price for a Tucson home DECREASED 4014% to $191,725. Since December 2016, the Tucson Home Median Sales Price has INCREASED 7.1%. Year over year, the July 2017 median sales price is UP 5.63%.
Tucson’s average list price of a home DECREASED 5.04% to $231,299.
July’s Active Listings DECREASED 0.63% to 3,602. 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 was DOWN 8.49%.
Homes under contract at the end of July DECREASED 10.90% to 1,987.
Days On Market DROPPED to 39 days in July. Buyers continue to pounce on well-priced homes. Days on Market for July 2016 were at 50 days. Days On Market of 39 is the lowest it has been in 10 years. That was at the peak of the market in 2007.
New jobs and the continued flow of baby boomers appear to be providing steady upward pressure on Tucson home prices until this month. Although the number of active listing is low, July prices tumbled. That is somewhat counter intuitive.
Tucson Housing Market July 2017 Mortgage Update
Mortgage rates continue to hover under 4.00% for a 30-year conventional loan. A 4.00% mortgage rate isn’t bad when the median price of a Tucson home is increasing 7% to 10% per year. Even with July’s pull back.
Tucson has been identified as one of the Top 10 housing markets for 2017 and 2018. We hope July’s data is an aberration and the trend of the first 6 months get a jump start in August.
And now the Tucson Housing Market July 2017 Report
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. 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.
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.
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