Tucson’s Housing Market Pulse – September 2023
Ben & Kim Boldt – Tucson’s Top Realty Team
The September 2023 Tucson Housing Market Pulse shows year over year sales prices for Single Family Homes increased …Again! The median sales price for a single family home increased 2.3% and the average sales price gained 7.0% from September 2022.
Active Listings of Single Family Homes are DOWN 23.8% from September 2022 with 1,950 single family homes on the market at the end of September. At the current burn rate for closed transactions that translates to a 2.3 months supply.
Condos and Townhouses prices moved up as well. The year over year Median sales price moved UP 2.6% and Average sales price UP 5.3%. With 202 Active Listings of Condo/Townhouses on the market. That’s a 1.4 months supply.
One more thing, the ratio of sales price to list price is slightly under 100%. Under, but not by much! Single Family are at 98.7% and Condo/Townhouse at 99.2% for September.
Now for the details……
The Tucson Housing Market September 2023 – Single Family Homes
The Tucson Housing Market September 2023 – Condos & Townhouses
The Take Aways
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, continued to impact market.
The average 30-year fixed-rate mortgage moved to 7.5% at the end of September. Rates hit a two-decade high in September, according to Freddie Mac.
What can you say? Demand is chasing low home inventories and that means purchase to list prices are not declining
The Sale to List Price ratio for September was 98.7% for Single Family Homes and 99.2% for Condos/Townhouses.
> Inventory Of Homes For Sale
New listings for Single Family Homes are DOWN 13.1% from September of 2022 and essentially unchanged since March 2023. Condos/Townhouses have similar results…..but worst. Down 24.4% from September 2022.
Pending Sales are up 3.6% percent for Single Family and down 12.1% for Townhouse/Condo.
Median and Average prices were up for both Single Family Homes and Condo/Townhouses. Over the last 12 months, the Average Price of a Single Family Home is up 4.9% and Condo/Townhome is up 7.0%.
> The Bottom Line
Mortgage rates moved up, demand is steady and resale inventory low. It appears that demand and low inventory are offsetting higher interest rates. at least for now. Population forecasts estimate 1,100 people will move to Pima County every month for the next decade.
Hmmmm?? That suggests prices “could” continue to rise in spite of higher mortgage rates. But as economists would say, on the other hand higher mortgage rates may dampen buyers interests….at some time in the future.
Given the situation, it should be no surprise new home builders are going strong and raising prices in response to demand. Many new home builders have captive finance units and able to give rate incentives or closing cost offsets.
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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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 September 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 provide you the information you are looking for.
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By the way, if you missed last months issue of the Tucson Housing Market Pulse its right here – August 2023 Tucson Housing Market Pulse.