Tucson’s Housing Market Pulse – February 2024
Ben & Kim Boldt – Tucson’s Top Realty Team
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The February 2024 Tucson Housing Market Pulse shows the Median sales price for increased 9.0% from February 2023 and stands at $352,500. As for the average sales price, it increased 10.5% over February 2023. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median, note Median, days on market was 29 for February 2024. That’s a drop of 6 days from the prior year.
One more thing, the ratio of sales price to list price was 98.14% for February 2024. Active listings at the end of February stood at 3,070. Single-family at 2,581, Townhouses at 179, Condominiums at 153 and Manufactured homes at 119.
If you are the type that adds up the details and checks it against the total, you will find the details are 38 less than the total. Hmmm – looks as if the marketing majors are doing the data.
The Tucson Housing Market Pulse February 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
Inflation remains a wildcard for the Fed and recent inflation data suggest Fed rate reductions may have to wait. A quick review of mortgage rates shows a 30-year fixed rate of 7.25%. 15-year fixed rate at 6.63% and a 3 – 6 ARM at 6.59%.
Of course, credit scores and regional incentives would affect these rates.
Demand
February 2024 sales of 1,109 were up 2.2% from the prior year. But the average price of homes sold in February was up 10.5% from February 2023. The sales price to list price ratio was at 98.14%. Abeit, under 100% but suggesting demand remains strong in the Tucson, AZ market.
Current interest rates may be slowing sales, but buyers are paying close to list for a Tucson home.
> Inventory Of Homes for Sale
New listings came in at 1,726 in February. An increase of 334 over the prior year. That’s 24% by the way. Could the “move up” buyers be throwing in the towel and swapping a 3.25% mortgage rate for a higher rate. Could be.
> Prices
Prices continue to increase year over year as shown above the median sales price was up 9.0% year over year.
> The Bottom Line
Mortgage rates held in February 2024 and may not decrease during the 1st half of 2024. But a new home may just be the thing bringing the move up buyer back into the market. Even at a higher mortgage rate.
No change in the near-term outlook! Continued demand, prices up and home inventory improving somewhat. Will some snowbirds put their home on the market as they head to their summer homes?
We will find out fairly soon.
It’s deja vu all over again on new construction. New home builders are steadily raising prices in response to demand with low resale inventory. Most buyers are happy as well to get a new home and not need to remodel anything. New home builder incentives may also play a part in the new construction option.
Considering A Home Tucson – Give Us a Call
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.
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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.
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When submitting an offer
Given current inventory levels, low ball offers aren’t getting traction.
So, if you “really” want the home, make a realistic offer within your budget and timing constraints.
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.
Conclusion
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Go to the Tucson housing report archives for a look at recent housing reports and trends.
By the way, if you missed last month’s issue of the Tucson Housing Market Pulse its right here – Tucson Housing Market Pulse January 2024