Tucson’s Housing Market Pulse – January 2024
Ben & Kim Boldt – Tucson’s Top Realty Team
Quickly Search ALL Homes For Sale In Tucson AZ
Let’s start the new year of the Tucson Housing Market Pulse with new report formats from the Tucson Association of Realtors. The big change is that all home types are lumped together. Single-family, condos/townhomes and manufactured homes. Yes, its dumb, but that’s what they did.
Also, the focus of price reporting is on the median sales price of homes sold.
It’s a new reporting format on the same Tucson real estate market.
And here we go!
The January 2024 Tucson Housing Market Pulse shows the Median sales price for increased 8.0% from January 2023 and stands at $352,500. As for the average sales price, it increased 5.5% over January 2023. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median, note Median, days on market was 26 for January 2024. That’s a drop of 6 days from the prior year.
One more thing, the ratio of sales price to list price was 97.98% for January 2024. Active listings at the end of January stood at 3,062. Single-family at 2,592, Townhouses at 164, Condominiums at 141 and Manufactured homes at 118.
If you are the type that adds up the details and checks it against the total, you will find details are 47 less than the total. Someone flunked math, I guess.
The Tucson Housing Market Pulse January 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
The Bureau of labor reported the consumer price index increased 0.3% in January. On a 12-month basis, that came out to 3.1%, down from 3.4% in December.
Inflation remains a wildcard for the Fed and adjustments to the federal funds rates may have to wait. A quick review of mortgage rates has rates from 6.75% to 7.25%. Of course, credit scores and regional incentives would affect these rates.
Demand
January 2024 sales of 873 were the lowest (by 1 for November 2023 at 872) in the last 3 years. But median and average price were up 8.0% and 5.5% respectively. So, unit sales are down, but prices – year over year – are up. And the ratio of sale price to list price is at 97.93%
Interest rates may be slowing sales, but buyers are paying close to list for a Tucson home.
> Inventory Of Homes for Sale
New listings came in at 1,722 in January. An increase of 165 over the prior year. By the way, that is 10.6%. It is likely interest rates are keeping the “move up” buyers in their homes. Swapping a 3.25% mortgage rate for 7.0% on a more expensive home increases the caring cost a lot!
> Prices
Prices continue to increase year over year as shown above the median sales price was up 8.0% year over year.
> The Bottom Line
Mortgage rates held in January 2024 and may not decrease during the 1st half of 2024 as had been suggested.
No change in the near-term outlook! Prices up and home inventory seeing some increases. Will some snowbirds put their home on the market as they head to their summer homes?
We will find out fairly soon.
It’s deja vu all over again on new construction. New home builders are steadily raising prices in response to demand with low resale inventory. Most buyers are happy as well to get a new home and not need to remodel anything. New home builder incentives may also play a part in the new construction option.
Considering A Home Tucson – Give Us a Call
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.
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Best of all, 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 realistic offer within your budget and timing constraints.
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.
Conclusion
Not much change in the January 2024 Tucson Housing Market Pulse other than the TAR data changes.
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Go to the Tucson housing report archives for a look at recent housing reports and trends.
By the way, if you missed last month’s issue of the Tucson Housing Market Pulse its right here December 2023 Tucson Housing Market Pulse.