Tucson’s Housing Market Pulse – November 2023
Ben & Kim Boldt – Tucson’s Top Realty Team
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The November 2023 Tucson Housing Market Pulse shows year over year sales prices for Single Family Homes continue upward. The median sales price for a single family home increased 4.0% and the average sales price gained 2.4% from November 2022.
Active Listings of Single Family Homes are DOWN 15.9% from November 2022 with 2,224 single family homes on the market at the end of November. Month over month, November Active Listing were up 2.7% from October. At the current burn rate for closed transactions that translates to a 2.6 months supply.
Condos and Townhouses prices moved up as well. The year over year Median sales price moved UP 21.7% and Average sales price UP 23.1%. With 250 Active Listings of Condo/Townhouses on the market. That’s a 1.7 months supply.
One more thing, the ratio of sales price to list price is slightly under 100%. Under, but not by much! Single Family are at 98.7% and Condo/Townhouse at 98.4% for November.
Now for the details……
The Tucson Housing Market November 2023 – Single Family Homes
The Tucson Housing Market November 2023 – Condos & Townhouses
The Take Away
Mortgage Rates
Mortgage rates pulled back as of mid December with a 30-year fixed-rate mortgage at 7.25%.
Demand
What can you say? Demand is chasing low home inventories and pushing prices up.
The Sale to List Price ratio for November was 98.7% for Single Family Homes and 98.4% for Condos/Townhouses. These ratios are down slightly from October 2023.
> Inventory Of Homes For Sale
New listings for Single Family Homes were DOWN 15.9% and Condos/Townhouses DECREASED 27.1% from November 2022.
Pending Sales are up 13.2% percent for Single Family and down 12.9% for Townhouse/Condo.
Higher interest rates are also a negative influence on would be sellers. Many move-up sellers have low rate mortgages and don’t want to sell because they would move to a higher priced home and a higher priced mortgage. This conundrum continues and is big factor keeping inventory low.
> Prices
Median and Average prices were up for both Single Family Homes and Condo/Townhouses. Over the last 12 months, the Average Price of a Single Family Home is up 4.0% and Condo/Townhome is up 6.6%.
> The Bottom Line
Mortgage rates have declined a bit, but demand is steady and resale inventory low. It appears that demand and low inventory continue to offset interest rates and pushing prices up. For the 12 month period ending with November, the Average Median purchase price of a single-family home is up 3.3%.
No change in the near term outlook! Prices continue to rise in spite of higher mortgage rates. But as economists would say, on the other hand higher mortgage rates may keep some buyers on the side lines.
Given the situation, it should be no surprise that new home builders are going strong and steadily raising prices in response to demand. Many new home builders have captive finance units and able to give rate incentives or closing cost offsets.
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.
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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 changing on a month to month basis in the November 2023 Tucson Housing Market Pulse.
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Historical 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.
By the way, if you missed last months issue of the Tucson Housing Market Pulse its right here – September 2023 Tucson Housing Market Pulse.