Tucson Housing Market September 2022
Market Update From Ben & Kim Boldt – Premier Tucson Homes
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Our Tucson Housing Market September 2022 Update shows real estate adjusting to higher interest rates and increasing home inventory. BUT, it is still a sellers market in most price ranges.
However, the sale to list price ratio suggests this may be changing.
September is the second month in long time where this ratio is below 100%. Coming in at 98.5% for single family homes in September.
Also, while Average and Median Sales Prices for single family homes increased year over year they are now in single digits – 8.8% and 9.2% respectively.
Looking at the 2022 Year To Date changes for 2022 vs 2021 the increased remain double digit – 12.9% and 15.4%, respectively.
Active Listings increased to 2,337 at the end of September. That is up 40.1% from September 2021, BUT ONLY 10.2% from the prior month. At the current rate of sales that translates into a 2.1 months supply. Increasing, but still below historical levels and suggesting Sellers are still holding the cards.
Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up.
The year over year Condo/Townhouse Average sales price up 19.9% and Median was up 16.3%. Active listings increased to 273 units on the market and that is up 33.2% over September 2021, but only 33 units or 13.8 % from August.
Now for the details……
The Tucson Housing Market September 2022 – Single Family Homes
Year over year price gains have slowed and inventory continues to increase slowly.
The Tucson Housing Market September 2022 – Condos & Townhouses
Continuing double digit price gains and increasing month over month inventory.
Inventory of Condos and Townhouses stands at 273 units on the market. Up 33.2% from September 2021, but only 33 units or 13.8% month to month.
Average Sales Prices – Single Family Home Increased 8.8% Year Over Year & Condo/Townhouses gained 19.9%
Median Sales Prices – Single Family Home Increased 9.2% Year Over Year & Condo/Townhouses gained 16.3%
Active Listings – Single Family Homes Increased 40.1% From September 2021…..To 2337 homes & Condo/Townhouses Increased 33.2% to 273 Units
Average Days On Market (DOM) – 28 Days For Single Family Homes and 25 days for Condo/Townhouses
Percentage Of List Price Paid By Buyer – Single Family Homes at 98.5% of list and Condo/Townhouses Sold At 97.9%
SELLERS continue to control of the market due to the low number of homes for sale, but the Sale/List price has dropped below 100% for the second month.
The demand for retirement or seasonal homes in Tucson remains strong, but with increasing inventory one would expect the Sold/List price ratio to fall further.
The Drivers – Demand remains strong, inventory increasing and mortgage rates at 6.25+%.
How will those factors effect buyers during the last quarter of 2022 is a unanswered question?
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 and supply.
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 remains a good value compared to many areas in the U.S
If a “fixer upper” has some appeal, check out a 203K FHA loan. Its a good option to have in your pocket when buying a home in Tucson, AZ.
September 2022 Mortgage Update
Mortgage rates around 6.5% for a 30-year conventional loan depending on the lender. Inflation has increased the cost of home ownership, but 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 September 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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