This is a wonderful time of the year in Tucson for many reasons! Snowbirds are here, the weather is incredible, and it’s my birthday season! Lots to love. November is here and we’ve made it through Halloween – let’s see what happened in real estate this past month!
The average price of a single family home last month was $433,982. That is up $7,238 from September after several months of prices falling. Even after falling for the past few months, prices are still high compared to what most of us are used to. For reference, when the pandemic started in March of 2020, the average single family home in Tucson cost $307,161!
The average number of days it takes for a house to go under contract once it’s listed remains the same at 30 days. The median is also unchanged at 17 days. When I started it took an average of 56 days to get your house under contract!
The months of available inventory is up slightly at 2.4 months. As a reminder, this means that it would take 2.4 months for all the current buyers in the market to purchase all the active listings. In September, this number was 2.3 and it has been as low as .8, which was in March, 2021. But, are there more homes for sale or fewer buyers?
The answer is probably a combination of both. Certainly the rising interest rates are causing some would-be buyers to hold off. There are are few more homes for sale but not many. In October there were 3,096 homes for sale vs. 3,082 in September.
So, what should you be doing right now? Is the market going to crash? Is real estate still the best investment? It’s impossible to say what will happen in the future but if longterm wealth is your goal, then real estate is most definitely a great investment. Let me know what questions you have about real estate! I’d love to chat!