The Tucson Housing Market June 2020
A Quick Look At The Market From Ben & Kim Boldt – Premier Tucson Homes
The Tucson Housing Market June 2020 report shows a 3.8% decline in closed sales for the month. Perhaps COVID-19 slowed home purchases in April that are reported as June Closed Sales.
However, both Average and Median Sales Prices increased year over year, by 4.5% and 4.0 % respectively. And for another month, inventory dwindled. Now below 1,400 single family homes on the market. That’s a 1.2 month supply. The question continues – How low can it go?
Condos and Townhouses median sales price and average price both made double digit gains. Increasing 14.6% and 18.9% respectively.
Now for the details……
The Tucson Housing Market June 2020 – Single Family Homes
The Tucson Housing Market June 2020 – Condos & Townhouses
The Townhouse/Condo market reversed last months decline with strong gains. Median sales price increased 14.6% and the average sale price jumped 18.9%. Inventory stands at 207 units on the market, a drop of 24.7% from June 2019.
Average Sales Prices – Increased 4.5% Year Over Year
Median Sales Prices – Increased 4.0% Year Over Year
Active Listings – Decreased 48.9% From June 2019
Average Days On Market (DOM) – Stands At 36 Days
That’s up 20% from May, but down 10% – 4 days – from June 2019.
Putting your home on the market? Price it right and sell it – FAST!
Percentage Of Listing Price Paid By Buyer – Is 99.0%
Not a lot of negotiating! You want, be ready to pay very close to list price.
The Drivers – Demand, Low Mortgage Rates And Low Inventory
COVID – 19 slowed housing sales for June 2020 —– Slighty! But prices made solid gains. Sellers are having sweet dreams as buyers look for their “perfect” home in a market with low — almost NO — inventory.
New construction home sales remain high. And the low level 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.
Also, Arizona continues to be relatively safe compared to many other states regarding COVID cases. Demand continues to be strong, but the inventory of homes for sale is at a new low.
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.
June 2020 Mortgage Update
Mortgage rates hover around 3.0% for a 30-year conventional loan. Some lenders under 3.00%. 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.
Tucson has been identified as one of the Top 10 housing markets for 2017 and 2018. December’s data appears to be confirming Tucson is a top pick for cities to live in.
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.
The Corona virus has swept across the U.S. causing many deaths and damaging our economy. How it will effect the Tucson housing market is still unknown. But it is probable things will slow down. How much? We will have to wait and see.
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.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!
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!