Tucson Real Estate Update – February 2023
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
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The Results for the Tucson Housing Market February 2023 show the Average Sales Prices for a single family home Decreased 0.9% year over year. For the same period, the Median Sales Price Increased 1.7%.
Active Listings continue at historic lows with 1,906 single family homes on the market at the end of February 2023. That translates to a 2.0 month supply.
It is worth noting that while active listings are up year over year, they actually dropped 8.6% from January 2023.
The Average and Median Sales price for Condos and Townhouses increased year over year. The Average sales price increased 5.1% while the Median sales price gained 10.2%.
Now for the details……
The Tucson Housing Market February 2023 – Single Family Homes
The Tucson Housing Market February 2023 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 236 units on the market. That is an increase of 116.5% from February 2022, but down 8.5% from the prior month.
Average Sales Prices – Decreased 0.9% Year Over Year For Single Family Homes, while Condos/Townhouses Increased 5.1%.
Median Sales Prices – Increased 1.7% Year Over Year For Single Family Homes and 10.2% For Condos/Townhouses
Active Listings – Single Family Homes Increased 67.0% From February 2022 to 1,906 homes for sale. However, that was a Decrease of 8.6% from the prior month.
Average Days On Market (DOM) – Stands At 54 Days For Single Family Homes and 35 Days for Condos/Townhouses
For Single Family Home Days On Market increased 116% from February 2022. For Condo/Townhouses DOM increased 118.8% from the prior year period.
Percentage Of Listing Price Paid By Buyer – Is 98.1% For Single Family Homes And 98.0% For Condos/Townhouses
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The Drivers are stable – Inventory is UP year over year, but down from the prior month. February inventory levels remain low compared to “normal” market conditions.
Mortgage interest rates are in the 5.5% to 6.5% range. Days on market continue to rise and finally broke the 50 day level. Demand continues to be strong to good depending on price point.
New construction builders are using incentives to close the deal. Homes are being built across Tucson, but keep in mind a new construction home may cost more than a resale due to landscaping and home furnishing costs.
Keep in mind, when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $50,000 to $90,000 for a standard no frills pool.
By the way, if you want to be represented by a Realtor when buying new construction your Realtor MUST BE with you for your first visit at the sales office. Here are some considerations on why Realtor representation for new construction is important.
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.
Why Consider Tucson?
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 with lots of Things To Do!
Keeping YOU Abreast Of The Market
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 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.
And best of all, our professional service backgrounds mean we put you first!
Conclusion
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