The Tucson Housing Market November 2018
Tucson Housing Market November 2018 Update From MLSSAZ
Our Tucson Housing Market November 2018 report shows strong gains in average sales price, median price and list price. Although 2018 has been a choppy year in the Tucson real estate market it may be ending with a bang. It seems as if every time an up trend got started, prices dropped.
But November’s Median Sales Price is up a strong 6.8% from December 2017. With a low inventory of homes and winter visitors and snowbirds in Tucson, demand might be strong. Strong demand puts upward pressure on prices.
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Tucson Housing Market November 2018 – And Now The Numbers
Tucson Housing Market November 2018 – The Trends
The Tucson Housing Market November 2018 report shows the average sales price INCREASED 2.78% to $258,599. And UP Almost 5.0% from November 2017.
The November 2018 average sales price stands at 88.1% of the June 2007 peak for average sales price.
The Median Sales Price for a Tucson home INCREASED 1.83% to $219,000. Since December 2017, the Tucson Home Median Sales Price has INCREASED 6.8%. And Year over year, the November 2018 median sales price is UP 5.53%.
The Median Sales Price of a Tucson home now stands at 97.3% of the June 2007 peak median sales price. It has been a long time to get there, but “on average” the Median Sale Price is close to the 2007 peak levels.
Tucson Housing Market November 2018 – Listing Prices
The Tucson Housing Market November 2018 report shows Tucson’s Average List Price of a home INCREASED 3.11% to $264,688.
But the more important question is “What is the average list price by area of Tucson?”
And the answer is!
November Active Listings INCREASED 0.15% to 3,332. Active Listings continue below 4,000 for yet 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 7.73%.
Tucson Housing Market November 2018 – Average Days On Market (DOM)
Days On Market DROPPED TO 38 days in November. Four of the eleven months in 2018 had Days On Market under 40 days. Buyers continue to pounce on well-priced homes.
Tucson Housing Market November 2018 – Market Drivers
A tight jobs market and the continued flow of baby boomers appear to be providing steady upward pressure on Tucson home prices. Perhaps the low number of active listings and return of the “snowbirds” will combine to give upward momentum to home prices.
Tucson Housing Market November 2018 Mortgage Update
Mortgage rates have are back under 5.0% for a 30-year conventional loan. Current rates remain lower than year over year appreciation in home values.
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.
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.
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Check out our recent Tucson Real Estate Newsletters. Review the economic & financial information for Tucson Arizona – HERE!