July Market Stats
Today I flew back home to Tucson after being away for about two and a half weeks. The thunder has been rumbling for a couple of hours now and we are all huddled inside waiting for a storm! This is one of my favorite times of the year in Tucson!
While summer is a busy travel time for many Tucsonans, it is also a busy time in the real estate market! The average single family home price last month was $460,239. This was up by $3,912 from the previous month.
The average days on market is also down by 2 days. Homes sold in 41 days in July. This is right around the average days on market before the pandemic. The median days on market is much lower, at 15 days. This tells us that there are many homes selling quicker than 41 days and fewer homes that are pulling that average up and sitting on the market much longer than 41 days.
There are 2.1 months of inventory available on the market (down from 2.2 months in June). There were also slightly fewer homes for sale in July (2,234 homes) compared to in June (2,277 homes). We can hope to see that number increase in the fall as the summer buying frenzy slows down!
I definitely feel more comfortable this year compared to last year with making generalizations about how the market usually is at certain times of the year. During the pandemic, all bets were off! There were no normal trends we could count on! Now I think we are returning to more or less what’s “normal” in the real estate market. Even though interest rates are still relatively high, I think buyers and sellers are appreciative of the more stable market this year! What do you think? Let me know!