The Tucson Housing Market May 2020
Fast Update On The Market From Ben & Kim Boldt – Premier Tucson Homes
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The Tucson Housing Market May 2020 report shows COVID-19 slowed home sales during May. But year over year prices increased and home inventory fell to new lows. Now below 1,700 single family homes on the market. That’s a 1.5 month supply. Now the question – How low can it go?
May’s Median and Average Sales Prices for single family homes are up 2.0% and 0.9% respectively from May 2019. The Year Over Year gains make owning a home in Tucson an attractive investment with mortgage rates under 3.25%!
Condos and Townhouses median sales price and average price lost ground in May. Dropping 4.2% and 0.3% respectively.
Now for the details……
The Tucson Housing Market May 2020 – Single Family Homes
The Tucson Housing Market May 2020 – Condos & Townhouses
The Townhouse/Condo market broke their upward trend. Median sales price decreased 4.2% and the average sale price declined 0.3%. Inventory stands at 253 units on the market, a drop of 13.1% from May 2019.
Average Sales Prices – Increased 0.9% Year Over Year
Median Sales Prices – Increased 2.0% Year Over Year
Active Listings – Decreased 35.4% From May 2019
Average Days On Market (DOM) – Stands At 30 Days
Putting your home on the market? Price it right and sell it – FAST!
Percentage Of Listing Price Paid By Buyer – Is 98.8%
The Drivers – Demand, Low Mortgage Rates And Low Inventory
COVID – 19 slowed housing sales for May 2020. But prices increased, all be it at lowest gains this year. Sellers are having sweet dreams as buyers look for that “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.
May 2020 Mortgage Update
Mortgage rates hover around 3.0% for a 30-year conventional loan. Some 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. 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.
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
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.
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