March Market Stats
March in Tucson begins one of the busiest times of the year for Realtors. Typically, the months going into the holidays are a little bit slower for sales and then in the Spring and going into Summer, the market heats up (along with the weather!). This March appears to follow the trend! While inventory is still low, closed sales are up. Personally, I have experienced a couple of multiple offer situations in the past few weeks, and I am getting the feeling that we are heading back into a more competitive market.
But, what do the numbers say? The average single family home price last month was $443,049, up from $418,643 in February. In addition, the percentage of list price to sales price was up half a percent in this past month, to 98.5%. Some buyers are reentering the market now that rates are slowly coming down. This will be good news for sellers who have been reading the news and are nervous to put their house on the market.
The number of days a home sits on the market is also down from 53 in February to 49 in March. This is another sign that the market is becoming more competitive. While this is still nothing like the mid 2020-mid 2022 market, it’s important to note the subtle changes if you’re looking to buy or sell. Even the slightest shifts can affect what you may want to offer or accept for your home.
There is a 2.1 month supply of inventory available on the market. This would normally be considered a strong seller’s market but given the high average days on market, it still feels more balanced. However, the truth is that depending on what you’re looking for, there just may not be a ton of homes to look at. There were 2,347 homes for sale in March, 322 fewer homes than in February. I am hopeful that there will be a flood of new homes coming on the market just in time for our busy season!
If you’re wondering whether now is the right time to buy or sell, the answer is, there’s almost never a perfect time. It’s best to look over your plans and financial goals and decide whether it makes sense for you. You can always ask me for advice too!