June 2023 Tucson Housing Market Pulse
Ben & Kim Boldt – Premier Tucson Homes
The June 2023 Tucson Housing Market Pulse shows year over year sales prices for Single Family Homes continue to move up. The median sales price for a single family home increased 3.5% and the average sales price gained 3.2% from June 2022.
Active Listings of Single Family Homes are down 13.4% from June 2022 with 1,593 single family homes on the market at the end of June. At the current burn rate for closed transactions that translates in to 1.8 months supply.
Condos and Townhouses prices moved up as well. The year over year Median sales price moved up 2.0% and Average sales price 3.9%. With 157 Active Listings of Condo/Townhouses on the market there is only a 1.0 months supply.
One more thing, the ratio of sales price to list price is slightly under 100%. Under, but not by much! Both Single Family and Condo/Townhouse stand at 99.2% for June 2023.
Now for the details……
The Tucson Housing Market June 2023 – Single Family Homes
The Take Aways
No changes from last month
In the Tucson market, rates appear to be following this pattern holding in the range of 6.50% to 7.40% with Good to Very Good Credit.
No change here!
The Sale to List Price ratio for June was 99.2% for both Single Family Homes and Condos/Townhouses.
> Inventory Of Homes For Sale
New listings for Single Family Homes are DOWN 35.1% from the prior year and DOWN 11.9% from May 2023. Condos/Townhouses have similar results…..but worst.
Median and Average prices are up year over year for both Single Family Homes and Condo/Townhouses. The median sales price for SFH is flat month to month while Condo/TH is up 2.0%
> The Bottom Line
Nothing new here!
Mortgage rates appear to be stable, demand continues to be high and resale inventory low. That means prices should continue to rise. New home builders are going strong and raising prices in response to demand. Will Tucson home appreciation be greater than the borrowing rate? Its likely!
Over the last 12 months, the Average Price of a Single Family Home is up 6.4%. Condos/Townhouses Average Price is up 10.3%.
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.
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.
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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.
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Best of all, 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 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.
Not much changing on a month to month basis in the June 2023 Tucson Housing Market.
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.
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By the way, if you missed last months update its right here – May 2023 Tucson Housing Market Pulse.