Tucson’s Housing Market Pulse – March 2024 Results
Ben & Kim Boldt – Tucson’s Top Realty Team
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The March 2024 Tucson Housing Market Pulse shows the Median sales price for increased 7.3% from March 2023 and stands at $364,900. As for the average sales price, it increased 10.6% over March 2023. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median, note Median, days on market was 21 for March 2024. That’s UP 2 days from the prior year.
One more thing, the ratio of sales price to list price was 98.47% for March 2024. Active listings at the end of February stood at 3,060. Single-family at 2,573, Townhouses at 190, Condominiums at 140 and Manufactured homes at 119.
If you are the type that adds up the details and checks it against the total, you will find the details are 38 less than the total. Hmmm, the same as last month. Looks as if the marketing majors are still doing the data.
The Tucson Housing Market Pulse March 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
Inflation continues to cause issues for the Fed and recent inflation data suggests Fed rate reductions may have to wait until 2025. A quick review of mortgage rates in Arizona shows a 30-year fixed rate of 6.99%. 15-year fixed rate at 6.50% and a 7/6 ARM at 6.875%.
Of course, credit scores and regional incentives would affect these rates.
Demand
March 2024 sales of 1,271 were DOWN 8.2% from the prior year. But the average price of homes sold in February was UP 10.6% from March 2023. The sales price to list price ratio was at 98.47%. Abeit, under 100% but suggesting demand remains strong in the Tucson, AZ market.
Current 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 1,845 in March. An increase of 224 over the prior year. That’s 13.7% by the way.
> Prices
Prices continue to increase year over year as shown by the median sales price was up 7.3% year over year. OH, and the average price increase of 10.6%.
> The Bottom Line
Mortgage rates continue to hover in the 6.9% to 7.25% range. But concessions at some new home builders are offsetting those rates.
No change in the near-term outlook! Continued demand, prices up and home inventory improving somewhat, but at historical low levers. Will some snowbirds put their home on the market as they head to their summer homes? We know a few that have, and their home sold quickly.
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.
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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
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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 – Tucson Housing Market Pulse February 2024