Local Market Insights | City of Tucson | June 2020

Updated: Jan 21

As we begin to phase in reopening our economy, our real estate market is also strengthening and making a strong comeback. Mortgage rates are remaining historically low and our local market is staying resilient. According to data from Showing Time, showing activity is up considerably from previous months where showing activity was depressed. The Tucson Association of Realtors and other industry experts note that while buyer activity is strong, seller activity is weaker, presumably from concerns due to Covid-19. Their opinion is that until seller's confidence is stronger, inventory will remain lower and tighten the available homes for buyers. This summary is prepared using the monthly report published by the Tucson Association of Realtors. We had a 1.2 month supply of inventory and the median sales price for all properties increased 6.2%. The median single family home sale price was $177,500. Check out some other key statistics about the Tucson housing market for June.


- New Listings: Compared to June 2019, we saw a 17.7% decrease in single family homes and a 1% increase in townhouses/condos.


- Closed Sales: Compared to June 2019, we saw a 3.8% decrease in single family homes and a 2.7% increase in townhouses/condos.


- Inventory: Compared to June 2019, we saw a 48.9% decrease in single family homes and a 24.7% decrease in townhouses/condos. We had an inventory of 1,349 single family homes and 207 townhouses/condos.


- Median Sales Price: Compared to June 2019, we saw a 4% increase in single family homes and an 14.6% decrease in townhouses/condos.


- Average Sales Price: Compared to June 2019, we saw a 4.5% increase in single family homes and an 18.9% increase in townhouses/condos.


- Days on Market: Compared to June 2019, we saw a 10% decrease for single family homes, with the average days on market at 36, and a 9.1% decrease for townhouses/condos with the average days on market at 30.


- Months Supply of Inventory decreased 50%, to a 1.2 month supply of single family homes and 20%, to a 1.2 month supply of townhouses/condos.


If you are thinking about selling your home this year, contact us today. We will show you all the benefits you get, when you list with us!


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