Our summer is proving to have an active market and some good news. While unemployment rates due to Covid-19 are still high, according to the Tucson Association of Realtors, the number of weekly initial claims has continued to stay lower than it was during its peak in March and April. Mortgage rates are remaining historically low and our local market is staying resilient. This summary is prepared using the monthly report published by the Tucson Association of Realtors. We had a 1.1 month supply of inventory and the median sales price for all properties increased 8.2%. The median single family home sale price was $271,250. Check out some other key statistics about the Tucson housing market for July.
- New Listings: Compared to July 2019, we saw a 5.9% decrease in single family homes and a 17.3% increase in townhouses/condos.
- Closed Sales: Compared to July 2019, we saw a 2.9% increase in single family homes and a 8.1% increase in townhouses/condos.
- Inventory: Compared to July 2019, we saw a 48.1% decrease in single family homes and a 19.6% decrease in townhouses/condos. We had an inventory of 1,301 single family homes and 197 townhouses/condos.
- Median Sales Price: Compared to July 2019, we saw a 8.5% increase in single family homes and an 4.2% decrease in townhouses/condos.
- Average Sales Price: Compared to July 2019, we saw a 10.6% increase in single family homes and a 0.1% increase in townhouses/condos.
- Days on Market: Compared to July 2019, we saw a 10.5% decrease for single family homes, with the average days on market at 34, and an 3.6% increase for townhouses/condos with the average days on market at 29.
- Months Supply of Inventory decreased 50%, to a 1.1 month supply of single family homes and 15.4%, to a 1.1 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!
