The Tucson Housing Market October 2021
A Quick Look At The Market By Ben & Kim Boldt – Premier Tucson Homes
Our Tucson Housing Market October 2021 Report shows the Average and Median Sales Prices for single family homes continue to increase year over year. October’s Average Price and Median Price for single family homes increased by 19.2% and 22.3%, respectively.
Active Listings INCREASED 36.2% from the prior month but fell 3.5% from the prior year. Although improving, home inventory continues at historic lows with 1,963 single family homes on the market at the end of October. That translates to a 18 DAY supply.
As we have been saying…….If you see it, even think you like it, buy it …. FAST!
Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The Average sales price moved up 12.6% and Median 17.2%.
For a look back at the 2020 Housing Market and 2021 Forecast……GO Here!
Now the October 2021 details ……
The Tucson Housing Market October 2021 – Overview – Single Family Homes
The Tucson Housing Market October 2021 – Condos & Townhouses
Although not shown in the graph below, the inventory of Townhouse/Condo units stands at 192.
Now the Details…….
Average Sales Prices – Increased 19.2% Year Over Year For Single Family Homes And 12.6% For Condos/Townhouses
Median Sales Prices – Increased 22.3% Year Over Year For Single Family Homes And 17.2% For Condos/Townhouses
Active Listings – Single Family Homes Decreased 4.4% From October 2020 To………. 1,963 Homes And Condo/TH At 192.
Average Days On Market (DOM) – Stands At 18 Days For Single Family And 15 Days For Condos/Townhouses
For Single Family Home Days On Market dropped 18.2% from October 2020, down – 4 days. For Condo/Townhouses DOM dropped 31.8% from the prior year period – down 7 Days.
Thinking of putting your home on the market? Price it right and sell it – FAST!
Percentage Of Listing Price Paid By Buyer – Is 100.0% For Single Family Homes and 99.9% For Townhouses/Condos
Want to negotiate? …………Forget about it!
If you find the right home, be ready to pay very close to list price or OVER in many areas of greater Tucson.
The Drivers – NO Changes Here! Strong Demand, Low Mortgage Rates And Continued Low Inventory
Demand is strong and inventory continues at striking historical lows. Supply and demand are driving prices up with cash buyers standing in line to buy a Tucson home.
Arizona is one of the top states people are moving to. Buyers are coming in from California, Oregon, Washington and places that June surprise you. Here is a article on where they are coming from.
Sellers are in command as buyers look for their “perfect” home in a market with low — REALLY LOW — inventory.
And the low number of “active listings” in the resale market was moving people to new construction. But new construction home builders are limiting the number of sales per month. It may be hard to comprehend, but some have stopped selling.
Why? Exposure to the increasing cost of supplies and the inability to hire workers.
New homes are still an option, but expect to wait longer for it to be completed. Also, 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 although prices continue to rise, 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.
October 2021 Mortgage Update
Mortgage rates are around 3.0% for a 30-year conventional loan. Jumbo loans in the low 3 percents as well. 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.
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. Remember the Percentage Of Sales Price To List shown above…….100.0 % for Single Family Homes.
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 will get an accepted offer.
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.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us. Hopefully, you will agree.
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.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!