October Market Stats
Today is the first day of November and it is finally feeling like fall! This is one of the best times of the year in Tucson, with snowbirds heading to town, and holiday prep already underway. But I know you didn't come here to talk about turkey, so let's get down to the real estate stats!
The average sales price for a single family home this past month hit an all time high of $471,528. This was up from September by $27,370! Not too shabby if you're a homeowner!
The average days on market was a little bit higher in October: 41 days vs 38 days in September. For an idea of how the market is changing over the years, in October of 2022, the average days on market was 31, and it 2021 it was just 19! You can see how the market is slightly more balanced compared to those years.
Speaking of balance, the months supply of inventory stayed the same at 2.7. This is an improvement over the past couple of years, but still not ideal for a balanced market.
There were a few more homes for sale in October compared to September: 2,834 compared to $2,768. However, fewer homes sold in October compared to September: 783 compared to 943. No doubt interest rates have a lot to do with this decline. Hopefully we will get some better rates this coming year!
The past few years have been challenging for home buyers. But, for those who stuck with it and ended up with a home to call their own, they have been rewarded with instant equity! If you're thinking of making a move this next year, let me know! I'm always here to help!