The March 2023 Tucson Housing Market At A Glance
Real Estate Market Update From Ben & Kim Boldt – Premier Tucson Homes
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Tucson Housing Market March 2023 shows both the Median and Average Sales Prices for single family homes inched up 1.4 % and 2.0 % respectively from March 2022. On a month to month look, prices increased 3.3% and 6.4% from February’s results.
Active Listings stand at 1,676 single family homes on the market at the end of March. While that is up 53.5% from March 2022, this level of Active Listings is down 12.1% from the February 2023 level. March Active Listings translate into a 1.8 months supply.
Following single family homes, the Median and Average Sales price for Condos and Townhouses moved up as well. The year over year Median sales price jumped up 2.0% and Average sales price 4.4%. With 202 Active Listings of Condo/Townhouses on the market means there is only a 1.2 months supply.
Now for the details……
The Tucson Housing Market March 2023 – Single Family Homes
The Tucson Housing Market March 2023 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 95 units on the market. That is a drop of 36.2% from March 2021.
Percentage Of Listing Price Paid By Buyer – Is 98.7% For Single Family Homes & 98.3% For Condos/Townhouses
The Drivers – NO Changes Here! Strong Demand, Historically Low Inventory and Mortgage Rates in the 6.0 to 6.35% range.
Sellers are in command as buyers look for their “perfect” home in this market.
The low resale inventory mean demand for new construction remains high. There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale.
Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $70,000++ for a standard no frills pool.
Last but not least, new home buyers are waiting 8 to 12++ months to move in.
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.
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. While home price increases have fallen into single digits, the sale to list ratios are still over 98%.
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.
Longer term Tucson housing market trends can be found for Tucson Real Estate Trends 2006 to 2012 annual along with summaries of 2013 and 2014 annual data.
Go to the Tucson housing report archives for a look at recent housing reports and trends. Our outlook for 2015 is available in our latest issue of Tucson Realty Review.
Conclusion
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Our website provides lots of information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
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