Tucson Real Estate Update – July 2022
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
Quickly Search ALL Homes For Sale In Tucson AZ
Tucson Housing Market July 2022 shows real estate reflects the effects of higher interest rates and increased inventory in July. However, it is still a sellers market at this time.
Both the Average and Median Sales Prices for single family homes had year over year double digit gains – 12.9% and 16.7% respectively.
Active Listings increased to 2,027 at the end of July. That is up 26.6% from June 2022and 52.6% from July 2021. At the current rate of sales that translates into a 1.7 months supply. Increasing, but still below historical levels and suggesting Sellers are still holding the cards.
Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The year over year Condo/Townhouse Average sales price jumped up 18.0% and Median 20.0%. There are 222 units on the market and that is up 26.9% over July 2021.
As existing home sales continue to soften nationwide, housing supply is improving, with inventory up for the second straight month. One would expect price growth to moderate as supply grows. But mortgage interest rates have slipped back under 5.0% which may spur buyers to step back in.
Now for the details……
The Tucson Housing Market July 2022 – Single Family Homes
TUCSON HOUSING MARKET July 2022 Report shows big price gains and continued low – but improving – Inventory. Start your Tucson home search here….
The Tucson Housing Market July 2022 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 222 units on the market. Up 26.9% from June 2021.
Average Sales Prices – Increased 12.9% Year Over Year For Single Family Homes And 18.0% For Condos/Townhouses
Median Sales Prices – Increased 16.7% Year Over Year For Single Family Homes And 20.0% For Condos/Townhouses
Active Listings – Single Family Homes Increased 52.6% From July 2021…..To 2027 For Single Family Homes and 222 – Or 26.9% – Condo/TH.
Average Days On Market (DOM) – Stands At 18 Days For Single Family Homes and 14 days for Condo/Townhouses At the End Of June
Percentage Of Listing Price Paid By Buyer – Is 100.0% For Single Family Homes And 100.2% for Condos/Townhouses
SELLERS appear to remain in control of the market due to the low number of homes for sale. However, published mortgage interest rates eased into a range from 4.65% to 6.5%. Make sure to understand the terms, credit scores and points when getting a mortgage.
The big questions are – What will mortgage rates do? Will inventory continue to increase? Is inflation getting under control?
The demand for retirement or seasonal homes in Tucson remains strong and more inventory is available.
The Drivers – Demand remains strong, mortgage rates easing, but inflation is up to the highest levels in 2+ decades.
Supply of homes for sale is growing and demand remains strong enough to move year over year prices up. How will those factors and lower mortgage interest rates effect buyers? Our August report should provide better insights.
Demand for new construction remains strong, but some builders are “managing” the number of homes they are committing to build due to raising material costs.
There are new homes are being built across Tucson, but in most cases a new construction home will cost more than a resale. Last but not least, new home buyers are waiting 8 to 12++ months to get in the their home.
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.
And while home 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.
July 2022 Mortgage Update
Mortgage rates have eased into a range from 4.675 % to 6.60% for a 30-year conventional loan depending on the lender. Inflation has increased the cost of home ownership, but 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. But with homes selling at 101.4% of list price 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 feel is a steal and see what happens. But your chances of a “great deal” aren’t good.
If you think the home is right for you and your family, put in an offer you and your Realtor think is reasonable.That is likely to be at list or higher!
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
Tucson Housing Market July 2022 continues to show strong year over year price increases. But higher prices and mortgage rates approaching 6% have cooled demand. Both home sales and mortgage applications have fallen from last years levels.
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.
Search the Tucson MLS for your dream home in Tucson Arizona using your criteria. Use the Tucson MLS Map to see where the Tucson MLS Areas are located.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!