May Market Stats
If you’re like me and have kids in school, the month of May just flies by! There is a lot going on towards the end of the school year: concerts, teacher gifts, recitals… it seems like there is barely time to take a breath! Fortunately for me, my two kids share the same late May birthday (born 3 May 25ths apart!) and so on top of everything, I was busy throwing them a pokemon/green monster truck birthday party! Was the Tucson real estate market as busy as parents were? Let’s find out!
The average price for a single family home in May rose to an all time high of $474,863. That’s up from the previous high of $458,654 last May. People are feeling better about the rates and inventory is still very low, which is keeping the market strong.
The average days on market remained the same as the previous month at 42. This comes after two months of falling days on market since February. This follows the typical pattern of houses sitting on the market a few extra days during the winter months and selling faster during the warmer months.
In May, there were 2,061 homes for sale, slightly lower than the month before, which had $2,239 homes for sale. This translates to 1.9 months of available inventory, down from 2.1 months in April.
If you’re looking to buy a house this month, rest assured that you can still find a great home without too much competition. Yes, we are seeing some bidding wars and multiple offers, but not quite what we saw in the height of the market. The average percent of list price that buyers are paying is 98.8% compared to 101.7% compared to June and July two years ago. This number has been on the rise since January and will most likely continue through the summer.
If you’re a seller right now, you should be in good shape too! Prices are at an all time high and, even though you might have to wait a little bit longer to get an offer than you may have in the past, your house should still sell relatively quickly and for close to what you were hoping! All in all, I think this market can provide a win win situation for both buyer and seller!