December is one of my favorite months in Tucson! My family is braving the sleet and snow in Seattle this week and here in Tucson it is the perfect 73 degree day. It definitely makes me thankful to be a Tucsonan! Ok, now let's dive in to the stats and see what's going on in real estate.
The average sales price for single family homes in Tucson in November was $444,508. That's up from $430,373 in October. From what everyone is hearing about the real estate market on the news, you may think that the market has crashed and prices have plummeted, but keep reading to find out why this has not happened.
The average number of days on market last month was 38 days, a week longer than October's 31 days. If you're a buyer in today's market, you are definitely feeling the difference between the frenzy of the last two years compared to now. Buyers are finally able to take a little more time and think about it before writing an offer.
The months supply of inventory remained the same at 2.5 months. This is still considered a seller's market. There is definitely less buyer demand these days than there has been since the beginning of the pandemic, but the reason this market hasn't turned into a total buyer's market is the still low inventory.
There were 3,091 homes for sale last month. Slightly less than the 3,284 in October, but still a huge improvement from the 1,443 this past March. There has been an upward trend overall in inventory since then, but Realtors and buyers are still struggling with the lack of options on the market.
So, now you know the stats, but what do these stats really mean for you if you are looking to buy or sell? What it means for you as a seller is that there is still relatively little competition and buyers are still out there looking to buy what's available. While your house may take longer to sell than it would have a year ago, you most likely have plenty of equity to make the wait worth it. If you're looking to buy, don't get discouraged! Yes, rates are higher than 2% and yes, there's not as many homes to look at as there may have been the last time you shopped for a home, but you can take your time looking and make a well informed decision. You can also potentially negotiate some closing costs and repairs from the seller as well! All in all, it's a different market than we have become accustomed to but it's still a great time to create a win win situation for both the buyer and the seller!