Hard to believe it is already May and the school year is soon to be wrapping up! Many snowbirds head to their other homes around this time and students at the U of A will soon be heading home for the summer as well. It's a big month of transition for Tucson! So far, there's no slowing down for the real estate market here! Let's see what's going on.
The average home price (for a single family home) in Tucson in April was $498,368. Yikes! That's up from $484,627 in March. Lots of people I talk to think the market is slowing down or even that housing prices are dropping, but this just isn't the case. Even with rising interest rates and no end in sight for that, home prices are increasing every month. People ask me, is now a good time to buy a house? And looking at how prices are trending, I have to say yes!
The days on market was down slightly in April to 45. Homes were selling 3 days faster than in March. April is typically a strong sales month here and combined with our low inventory, it's no surprise homes are selling a little quicker.
Speaking of inventory, although we still have incredibly low inventory overall, a few more homes sold this month compared to the month before. And I really do mean just a few! There were 1,179 closed sales for single family homes in April compared to 1,149 in March. Like I said, April is usually a high volume month so this number isn't surprising. In April of 2023 there were the exact same number of of sales, but the average price was $438,386.
Lots of people are waiting on the sidelines for the market to "crash", or for interest rates to come down. And while I certainly understand that affordability is at an all time low, I would encourage buyers, especially first time buyers, to get in the game if they can. Your first home doesn't have to be your dream home, but it's an excellent way to start building equity. You could have made an extra $60k this year just from owning the average priced home in Tucson! Let me know if home ownership is one of your 2024 goals and I will do everything I can to make it a reality!