The Tucson Housing Market September 2016
Tucson Housing Market September 2016 Update From TARMLS
Tucson Housing Market September 2016
The Tucson Housing Market September 2016 report shows declines from August results. Although the September Average Sales Price was essentially unchanged from August. The Average Sales Price for a Tucson home DECREASED just 0.11% from August, coming in at $220,538. That’s only $236- off the August average. Year over year the Average Sales Price INCREASED 6.66%.
September’s median sales price also INCREASED. Moving up almost 2% over July levels. Year over Year the median sales price INCREASED 6.78%. Tucson home sellers DECREASED average list prices by 4.49%. to $216,257.
September’s Active Listings reversed the down trend by INCREASING 1.96% from August levels to stand at 3,996. Year over Year active listings was DOWN 18.60%.
Homes under contract at the end of September DECLINED 5.72% month to month to 2,094.
September Days On Market INCREASED 1 day to 49 days. Buyers pounced on well-priced homes that met their needs. For the first time in years, the September average sales price exceeded the average list price – by 2.0%.
Tucson Housing Market September 2016 Mortgage Update
Mortgage rates remain well under 4.00% in the Tucson AZ housing market. FED meetings continues to push further rate increases into late 2016. Some believe a December rate increase could happen. But the recent slow down in job growth may temper that decision.
Some suggest the FED doesn’t want to affect the election outcome. That would lead one to speculate on a December 2016 increase. But more likely in the 1st quarter of 2017.
California buyers looking for a lower tax burden continue to head in our direction. Will demand meet our low inventory of homes and start moving prices up? We will just have to wait and see.
And now the Tucson Housing Market September 2016 Report
When submitting an offer
Given current inventory levels, low ball offers aren’t getting a lot of 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. 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.
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