The Tucson Housing Market May 222
Quick Update From Ben & Kim Boldt – Premier Tucson Homes
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Tucson Housing Market May 2022 continues as a sellers market. Both the Average and Median Sales Prices for single family homes had double digit gains – 13.4% and 17.9 % respectively.
Active Listings increased to 1,176 at the end of May. That is up from 969 in April. At the current rate of sales that translates into a 1.0 month supply. Still well below historical levels and showing 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 14.7% and Median 18.8%.
Now for the details……
The Tucson Housing Market May 2022 – Single Family Homes
The Tucson Housing Market May 2022 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 128 units on the market. That is a drop of 14.1% from May 2021.
Average Sales Prices – Increased 13.4% Year Over Year For Single Family Homes And 14.7% For Condos/Townhouses
Median Sales Prices – Increased 17.9% Year Over Year For Single Family Homes And 18.8% For Condos/Townhouses
Active Listings – Single Family Homes Decreased 20.7% From May 2021…..To 1,176 Single Family Homes and 135 Condo/TH.
Average Days On Market (DOM) – Stands At 17 Days For Single Family Homes and 10 days for Condo/Townhouses
Percentage Of Listing Price Paid By Buyer – Is 101.8% For Single Family Homes & 103.4% For Condos/Townhouses
Its a SELLERS market, but with interest rates going up that may be changing in the near future. The big question with year over year price gains remain the norm or start to soften? Tucson remains a top place for retirement or a seasonal home.
The Drivers – Demand remains strong, but mortgage rates are going up and inflation is the highest it has been in decades.
Supply and demand are driving 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 — REALLY LOW — inventory.
Demand for new construction remain high.
And the low number of “active listings” in the resale market is moving people to that choice. 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.
May 2022 Mortgage Update
Mortgage rates have increased into a range from 5.50% to 6.25% for a 30-year conventional loan. With year over year increases in Tucson home values more than double the rates, value remains attractive. But the Fed’s efforts to stem inflation are intended to slow that curve. Will IT?
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. But with homes selling at 102% 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 May 2022 continues to show strong year over year price increases. But 2 critical market factors are changing. First, interest rates have zoomed to over 6%! Second, the inventory of Tucson homes for sale increased by over 21% from April 2022.
Closed sales in May 2022 were basically FLAT from May 2021. Is the market stalling? Stay tuned for the June 2022 market report.
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.
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