Happy New Year!
We’re off to another great year! The December numbers are in and are reflecting positive trends in Tucson housing market. Let’s take a look at December 2017 numbers as compared to December 2016.
Tucson Housing Market highlights and commentary:
- Total Sales Volume of Tucson homes in December was up 6.86% over December 2016. This shows the continued growth of the Tucson market.
- Average List Price of $255,058 is an increase from December 2016 of $233,223, resulting in a 9.36% rise – reflects continued rising home prices in Tucson and the fast growth of the market.
- Total Under Contract of 1,290 in December 2017 is a decrease of 18.82% since December 2016. This shows both the normal December dip in consumer home buying habits but also indicates a shortage of homes in Tucson.
- The Median Sales Price, $205,000, (down from $207,527 in November), a 14.53% increase over December 2016. Another indicator of increasing prices in Tucson. It shows the market remaining firmly on the seller’s side and the high demand from buyers.
- Total Active Listings of 3,453 in December is a decrease of 4.38% from November but up from 3,347 in December 2026. This is typical of the holiday season, many home owners elect to wait until after the new year to list their home.
- Average Days on Market of 46 is an increase from November’s number of 44 but very similar to December 2016’s 47-day average. This is indicative of the market self-balancing, which is overall positive change for the real estate market in Tucson.
- Conventional loan sales of 44.5% exceeded Cash Sales of 25.9% last December. Another indicator of a more balanced market.
So, what does all this mean?
It means that overall, the Tucson Housing Market continues to grow. The prices continue to rise, and the demand to increase. Low interest rates and strong economy are encouraging buyers to invest in real estate, however the housing inventory is quite limited. Which basically results in a market where we have more buyers looking for homes than sellers’ listing.
Reports have stated that the 2017 Tucson Real Estate market has met and exceeded predictions and will continue to perform well.
In addition, rents are expected to rise another 4%, so this is a good time to buy.