As I am writing this, it is March 2nd in Tucson Arizona and it's snowing! The weather has been super unpredictable lately and it's kind of exciting! Let's see if the real estate stats are more predictable than this weather!
In February, the average sale price of a single family home was $419,763. January's price was $431,041. Although prices are slightly down, the percent of list price to sale price is still relatively strong at 98%. For a while, that number was over 100%, people were paying higher than list price. This number can vary wildly depending on your price range and neighborhood, so be sure to look at the comps in your area when making an offer!
The average house sits on the market for 53 days now before going under contract. This is up by 3 days since the previous month and up by 27 days from a year ago.
There are 2.1 months supply of inventory on the market currently, or 2,402 homes for sale. Both of these numbers were down in February compared to January. January had 2.4 months of inventory and 2,801 homes for sale. Typically these numbers will improve in March and April as more people put their homes up for sale in anticipation of our snowbird population.
All in all, I think the stats are more predictable than our weather. January and February are typically sleepier months than the spring months. With interest rates still higher than what people want to pay, home sales are slower than many sellers are hoping for. However, there are still amazing opportunities for buyers and sellers to make a great move!