Although the news cycle certainly makes it seem like there is chaos throughout the nation, the real estate market here in Tucson remains steady. However, like I usually say, the real estate stats we're talking about today really reflect what was going on a couple of months ago, since most sales take about 30 days to close and these are the stats from February. So, we will definitely watch what happens closely!
This past month, the average sales price of single family homes was down just slightly, from $493,105 in January to $486,256 in February. Prices are still higher compared to one year ago, when the average home price was $466,083.
Days on market, or the average amount of time it takes for a home to be on the market before accepting an offer, is also remaining relatively stead, up just one day to 60 days from last month. This is also very close to last year's average of 56 days.
The number of homes sold is also up a little bit from the previous month, with 1,017 homes sold in February compared to 865 in January. However, this is still pretty close to the number of homes sold in February, 2024, which was 1,037.
Overall, it's another month of non news, which in my opinion is good news! Buying or selling a home is nerve racking enough on its own, without worrying about crazy fluctuations in the market. Time will tell how the stock market and fears of recession and trade wars will affect our market here in Tucson. Guess you'll just have to tune in next month! Until then, happy home shopping!
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