Tucson Real Estate Update – December 2022
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
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The Tucson Housing Market December 2022 Results shows both the Average and Median Sales Prices for a single family home increased year over year, by 5.6% and 7.1% respectively.
Active Listings continue at historic lows with 2,271 single family homes on the market at the end of December 2022. That translates to a 2.3 month supply.
Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The Average sales price jumped up 18.2% and Median 18.4%.
Now for the details……
The Tucson Housing Market December 2022 – Single Family Homes
The Tucson Housing Market December 2022 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 284 units on the market. That is an increase of 74.2% from December 2021.
Average Sales Prices – Increased 5.6% Year Over Year For Single Family Homes And 18.2% For Condos/Townhouses
Median Sales Prices – Increased 7.1% Year Over Year For Single Family Homes And 18.4% For Condos/Townhouses
Active Listings – Single Family Homes Increased 53.9% From December 2021 to 2,271 homes for sale. However, that was a Decrease of 12.0% from the prior month.
Average Days On Market (DOM) – Stands At 45 Days For Single Family Homes and 39 Days for Condos/Townhouses
For Single Family Home Days On Market increased 87.5% from December 2021. For Condo/Townhouses DOM increased 69.6% from the prior year period, that’s 2Days.
Percentage Of Listing Price Paid By Buyer – Is 98.0% For Single Family Homes & 97.6% For Condos/Townhouses
The Drivers are shifting – Inventory is UP, but still low compared to “normal” market conditions. Mortgage interest rates are coming down into the lower 6% area. Days on market is getting longer, but under 50 days. Demand continues to be strong to good depending on price point.
Demand for new construction has moderated and builders adding incentives to close the deal. There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale due to landscaping and home furnishing costs. But the time to get into a new home is, for now, getting quicker.
Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $45,000 to $70,000 for a standard no frills pool.
And while prices continue to rise, Tucson is still a good value compared to many areas in the U.S.
If a “fixer upper” has even a small appeal, check out a 203K FHA loan. Its a good option to have in your pocket when buying a home in Tucson, AZ.
December 2022 Mortgage Rates
Mortgage rates have decreased from the years highs and are now in the 6.0% to 6.5% for a 30-year conventional loan. Mortgage “buy downs” are getting traction in the market.
And Tucson remains one of the lower cost of living cities in Arizona and the U.S.
The greater Tucson area continues as a top pick for cities to live in across the United States.
Considering A Home Tucson?
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’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.
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. But your chances of a “great deal” aren’t good.
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.
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.
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.
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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