The Tucson Housing Market November 2016
Tucson Housing Market November 2016 Update From TARMLS
Tucson Housing Market November 2016
The Tucson Housing Market November 2016 report shows mixed results from the October report. November’s Average Sales Price was flat compared to October. The Average Sales Price for a Tucson home INCREASED only 0.25% from October.
November’s median sales price INCREASED 3.88% from October to $184,900. Year over Year the median sales price INCREASED 9.41%.
Tucson home sellers saw average list prices unchanged. INCREASING a mere 0.18% to $223,119.
November’s Active Listings were off slightly. DECREASING just 0.88% from October. Active listings stand at 4,067. Active Listings under 5,000 means the Tucson Real Estate market is “tight”. Year over Year active listings are DOWN 20.19%.
Homes under contract at the end of November DECREASED 7.65% to 1,943.
November Days On Market were DROPPED to 47 days. Buyers pounced on well-priced homes that met their needs. Although active listings are low, average sales prices change very little. Somewhat counter intuitive to economic theory. Or, an indication that buyers are waiting on the sidelines. Will the election results bring more buyers into the market? Perhaps December will reveal the answer.
Tucson Housing Market November 2016 Mortgage Update
Mortgage rates moved over 4.00%. With the election over, the hype is suggesting a December rate increase will occur.
Some suggest the FED is waiting for signals from the new administration before raising rates. Other pundits suggest the FED will hold actions into 2017.
California buyers looking for a lower tax burden continue to head in our direction. Will demand meet our low inventory of homes and start moving prices up? We will just have to wait and see.
And now the Tucson Housing Market November 2016 Report
When submitting an offer
Given current inventory levels, low ball offers aren’t getting a lot of 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!