Covid-19 has had a substantial effect on markets across the county. The stock market has begun to recover towards the end of the month, but according to the Tucson Association of Realtors, lenders have begun tightening their criteria for lending and it has caused many buyers to become unqualified for their loans. They are also reporting that this month the record was set for the highest number of initial unemployment claims filed in one week, with 3.28 million claims filed. This is 4x the higher than the previous record for number of initial jobless claims filed in one week. With all that is going on, our local home prices are staying strong as we end March. This summary is prepared using the monthly report published by the Tucson Association of Realtors. As we continue to navigate the pandemic, take a look some key statistics about the Tucson housing market this month.
- New Listings: Compared to March 2019, we saw a 1.6% increase in single family homes and a 6% decrease in townhouses/condos.
- Closed Sales: Compared to March 2019, we saw a 3.3% increase in single family homes and a 19.6% decrease in townhouses/condos.
- Inventory: Compared to March 2019, we saw a 25.4% decrease in single family homes and a 14.5% decrease in townhouses/condos. We had an inventory of 2,158 single family homes and 271 townhouses/condos.
- Median Sales Price: Compared to March 2019, we saw a 6.1% increase in single family homes and an 9.8% increase in townhouses/condos.
- Average Sales Price: Compared to March 2019, we saw a 10.9% increase in single family homes and an 7.3% increase in townhouses/condos.
- Days on Market: Compared to March 2019, we saw a 19.6% decrease for single family homes, with the average days on market at 37, and a 18.8% decrease for townhouses/condos with the average days on market at 26.
- Months Supply of Inventory decreased 30.8%, to a 1.8 month supply of single family homes and decreased 11.8%, to a 1.5 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!
