June 2022 Update On Tucson Real Estate Market
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
Quickly Search ALL Homes For Sale In Tucson AZ
Tucson Housing Market June 2022 shows real estate is beginning to feel the effects of higher interest rates and increased inventory. However, in Tucson, 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 – 11.0% and 13.2% respectively.
Active Listings increased to 1,601 at the end of June. That is up 36.1% from May and 41.1% from June 2021. At the current rate of sales that translates into a 1.3 months supply. Increasing, but still below historical levels and suggesting a Sellers market remains the norm.
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 13.7% and Median 16.6%.
Now for the details……
The Tucson Housing Market June 2022 – Single Family Homes
The Tucson Housing Market June 2022 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 191 units on the market. Up 29.1% from June 2021.
Average Sales Prices – Increased 11.0% Year Over Year For Single Family Homes And 13.7% For Condos/Townhouses
Median Sales Prices – Increased 13.2% Year Over Year For Single Family Homes And 16.6% For Condos/Townhouses
Active Listings – Single Family Homes Increased 41.1% From June 2021…..To 1,601 Single Family Homes and 191 Condo/TH.
Average Days On Market (DOM) – Stands At 15 Days For Single Family Homes and 11 days for Condo/Townhouses At the End Of June
Percentage Of Listing Price Paid By Buyer – Is 101.4% For BOTH Single Family Homes And Condos/Townhouses
Its is still a SELLERS market do to the low number of homes for sale, but with mortgage interest rates going up that is likely to shift. But when?
Stock market performance also influences many cash buyers. How soon and by how much remains to be seen.
The big question is how high will mortgage rates go and will inventory continue to increase? The demand for retirement or seasonal homes in Tucson remains strong. But will that continue as we move into late summer and mid term elections?
The Drivers – Demand remains strong, but mortgage rates are going up following inflation across the U.S.
Supply and demand continue to move prices up, but the effects of mortgage interest rates and inflation may be flattening the curve. At least the Fed thinks so.
Sellers remain in command as buyers look for their “perfect” home in a market with LOW inventory.
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.
June 2022 Mortgage Update
Mortgage rates have increased into a range from 5.675 % to 6.125% for a 30-year conventional loan. But the Fed may be increasing their rates before the end of July. Some suggest 75 to 100 basis point increase.
Cost of ownership has increased, 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 June 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.
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