The Real Estate Market Is Hot!
The Tucson real estate market is getting hotter along with the weather! The key statistics are listed below, straight from the Tucson Multiple Listing Service. There are a few statistics that are important to point out; The average days on market is the lowest it has been in a long time. Today in the Tucson market, it takes an average of 57 days to sell a home. In most areas of town, the average inventory is only about 3.5 months! Tucson is rapidly turning into a sellers market with evaluation occurring at most price points. Another key statistic is the number of conventional loan sales is higher than cash deals. This is a sign that while investor activity is still high, it is slowing.
What does it mean? It means that if you are thinking of buying a primary residence or an investment property, you should probably consider doing it soon. Please be aware however that it can be very difficult to get an accepted offer these days. We are writing offers ABOVE asking price on a routine basis now, and many homes are receiving multiple offers. There are still opportunities to purchase short sale homes if you are patient. Many buyers will not consider these homes, so the demand is lower and there are still some great deals out there. If you are thinking of selling, what are you waiting for? The buyers are lined up waiting to buy your home!
Below are some highlights from the April Residential Sales Statistics:
Total Sales Volume of $254,228,400, is a slight decrease
of .31% from March’s number of $255,010,096.
The Average Sales Price for April of $192,160 is a .15%
increase from March’s $191,881.
Average List Price for April, $198,491, is an increase of
.24% from March, and has increased 8.08% from April
Total Under Contract rose in April to 2,829, a 4.31%
increase from March’s number of 2,712.
Total Unit Sales decreased in April, going from 1,329 in
March to 1,323 in April.
The Median Sales Price increased this month to
$157,000, a 4.63% jump from $150,050 in March.
New Listings increased 2.49% from 1,931 in March to
1,979 in April.
Total Active Listings decreased to 4,027 in April from
4,210 in March.
Average Days on Market decreased to 57 in April, a
decline of 2 days since last month.
Conventional loan sales were up 36.2% in April,
exceeding cash sales of 34.8% for the first month since
Don’t hesitate to contact us for more detailed information about your neighborhood, or a neighborhood you are interested in moving into.