The Tucson Housing Market May 2019
A Market Update From Ben & Kim Boldt – Premier Tucson Homes
Tucson Housing Market May 2019 – A Quick Video Update
By The Numbers
The Tucson Housing Market May 2019 report shows the average sales price INCREASED 6.39% to $277,228. This is a BIG move. Year over Year May 2019 is up 6.02% from 2018.
The May 2019 average sales price stands at 94.5% of the June 2007 peak average sales price of $293,443. Will we reach the old peak this year? Maybe. But we are getting closer.
Median Sales Prices
The Median Sales Price for a Tucson home also increased. Another BIG gain with an INCREASE of 6.39% to $232,000. Since December 2018, the Tucson Home Median Sales Price has INCREASED 13.2%. And Year over year, the May 2019 median sales price is UP 7.16%.
The Median Sales Price of a Tucson home now stands at 103.1% of the June 2007 peak median sales price of $225,000. A long 12 years, but “on average” the Median Sale Price has set a new high for Tucson Homes.
The Tucson Housing Market May 2019 report shows Tucson’s Average List Price of a home INCREASED 6.23% to $282,609. Another BIG month over month gain. Buyers who didn’t pull the trigger in March or April.
But the more important question is “What is the average list price by area of Tucson?”
And the answer is!
Listings DECREASED 6.72% to 2,705. Active Listings continue below 4,000 for yet another month and have set another all time low. At this level the Tucson Real Estate market is now very “tight”.
Year over Year active listings ARE DOWN 5.75%.
Average Days On Market (DOM)
Days On Market FELL TO 37 DAYS in May. If it is priced right it sells – FAST!
The Drivers – Buyer Demand And Low Inventory
The continued flow of baby boomers appears to be created strong demand for Tucson homes. Low active listings and strong demand have pushed prices up. Hey, the economists are right. Demand with low supply makes prices rise.
Will June show more of the same? We will need to wait and see.
May 2019 Mortgage Update
Mortgage rates have moved up. And are now under 4.25% for a 30-year conventional loan. The low rates relative to recent year over year appreciation in home values make home buying an easy choice for investment.
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. 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.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!