The Tucson Housing Market March 2017
Tucson Housing Market March 2017 Update From TARMLS
Tucson Housing Market March 2017
The Tucson Housing Market March 2017 report shows the average sales price essentially unchanged. DECLINING 0.10%. the average price to just under $225,000.
The Median Sales Price for a Tucson home INCREASED 2.12%. Coming in at $193,000. Since January of this year, the Tucson Home Median Sales Price has INCREASED 4.89%.
Year over year, the March 2017 median sales price is UP 9.01% from the prior year.
Tucson’s average list price of a home dropped slightly. DECLINING 0.29% to $230,186
Active Listings continue to decline. standing at 3,721 at the end of March. 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 22.51%.
Homes under contract at the end of March INCREASED 10.44% to 2,475.
Days On Market DECREASED to 47 days in March. Buyers continue to pounce on well-priced homes. Days on Market for March 2016 was at 57 days.
As jobs are created in Tucson the demand for homes should increase. Not to mention the continued flow of baby boomers seeking a great place to retire too. The low home inventory may mean buyers will need increase their offer prices in the coming months.
Tucson Housing Market March 2017 Mortgage Update
Mortgage rates moved into the 4.00% to 4.25% range for a 30-year conventionL. And the latest thinking is that the FED will raise rates in the summer. A 4.25% mortgage rate compared to average year over year median price gains of 9.0% makes owning a Tucson worthwhile.
Tucson has been identified as one of the hotter housing markets for 2017 and 2018.
And now the Tucson Housing Market March 2017 Report
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.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!