The April 2023 Tucson Housing Market At A Glance
Real Estate Market Update From Ben & Kim Boldt – Premier Tucson Homes
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Tucson Housing Market For April 2023 shows both the Median and Average Sales Prices for single family homes increased by 1.3% and 1.6 % respectively from April 2022. Month to month the Median price increased 2.7% from March and the Average Price was flat.
Active Listings stand at 1,512 single family homes on the market at the end of April. While that is up 22.2% from April 2022, Active Listings were down 9.8 % from the March 2023 level. April Active Listings translate into a 1.0 months supply.
Following single family homes, the Median and Average Sales price for Condos and Townhouses moved up as well. The year over year Median sales price jumped up 9.3% and Average sales price 3.0%. With 172 Active Listings of Condo/Townhouses on the market there is only a 1.0 months supply.
Now for the details……
The Tucson Housing Market April 2023 – Single Family Homes
The Tucson Housing Market April 2023 – Condos & Townhouses
The Drivers – NO Changes Here! Strong Demand, Historically Low Inventory and Mortgage Rates in the 6.5 to 7.0% range.
With the low inventory of Single Family Homes and Condos/Townhouses available, the Sale to List price ratio remains around 99%. The Tucson market is NOT falling off a cliff.
As one would expect, the low resale inventory means the demand for new construction remains high. There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale.
Why? Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $70,000++ for a standard no frills pool.
Another consideration is new home buyers are waiting 8 to 12++ months to move in.
Another option? A fixer upper could be the answer. If a “fixer upper” has even a small appeal, check out a 203K FHA loan. Its a good option to have in your pocket.
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.
Interested in new construction?
We are here for you!
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. While home price increases have fallen into single digits, the sale to list ratios are still around 99%.
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
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.
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Longer term Tucson housing market trends can be found for Tucson Real Estate Trends 2006 to 2012 annual along with summaries of 2013 and 2014 annual data.
Go to the Tucson housing report archives for a look at recent housing reports and trends. Our outlook for 2015 is available in our latest issue of Tucson Realty Review.