The Tucson Housing Market November 2022
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
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The Tucson Housing Market November 2022 Results shows both the Average and Median Sales Prices for a single family home increased year over year, by 10.4% and 7.6% respectively.
Active Listings increased year over year, but continue at historic lows with only 2,468 single family homes on the market at the end of November. That was a decrease of 6.4% from October 2022. At the November rate of sales that translates into a 2.4 month supply.
Following single family homes, the year over year Average and Median Sales price for Condos and Townhouses moved up as well. The Average sales price jumped up 14.7% and Median 9.5%.
Now for the details……
The Tucson Housing Market November 2022 – Single Family Homes
The Tucson Housing Market November 2022 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 321 units on the market. That is a 72.6% increase from November 2021. But a 4.5% Decline from October 2022.
Average Sales Prices – Increased 10.4% Year Over Year For Single Family Homes And 14.7% For Condos/Townhouses
Median Sales Prices – Increased 7.6% Year Over Year For Single Family Homes And 9.5% For Condos/Townhouses
Active Listings – Single Family Homes Increased 51.6% From November 2021. Condos posted a 72.6% Gain Year Over Year.
It is worth noting that the November single family inventory of 2,468 is actually down 6.4% from the October 2022!
Average Days On Market (DOM) – Stands At 38 Days For Single Family Homes And 32 For Condos/Townhouses
For Single Family Home Days On Market increased 90.0% from November 2021, up 18 days. For Condo/Townhouses DOM rose 88.2% from the prior year period – 15 Days.
Percentage Of Listing Price Paid By Buyer – Is 98.4% For Single Family Homes & 98.5% For Condos/Townhouses
This is the 4th month where Sold Price to List is under 100%. But NOT BY MUCH!
The Drivers – NO Changes Here! Strong Demand, Low Mortgage Rates And Low Inventory
Pending sales are down, but sellers are not flooding the market with new listings and inventory remains at historical lows. As shown by the Sold/List percentage, the Tucson real estate market has not taken a significant hit…….so far!
New homes are being built across Tucson and at larger 55+ communities. But in most cases, that new construction home will likely 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 $45,000 to $70,000 for a standard no frills pool.
And while prices have soften, 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 when buying a home in Tucson, AZ.
November 2022 Mortgage Update
Mortgage rates are over 7% for a 30-year conventional loan giving cash buyers a big edge.
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.
The greater Tucson area continues is a top pick for cities to live in across the United States.
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. But your chances of a “great deal” aren’t good.
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.
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