Local Market Insights | City of Tucson | May 2020

While we are still feeling the economic effects of Covid-19, by the end of the month of May, our local real estate market has begun to strengthen. Freddie Mac is reporting mortgage rates averaging 3.3% and showing activity has begun to increase again (up 4%). This summary is prepared using the monthly report published by the Tucson Association of Realtors. We had a 1.5 month supply of inventory and the median sales price for all properties increased 2.4%. The median single family home sale price was $250,000. Check out some other key statistics about the Tucson housing market for May.

- New Listings: Compared to May 2019, we saw a 20.2% decrease in single family homes and a 0.4% decrease in townhouses/condos.

- Closed Sales: Compared to May 2019, we saw a 30% decrease in single family homes and a 41.3% decrease in townhouses/condos.

- Inventory: Compared to May 2019, we saw a 35.4% decrease in single family homes and a 13.1% decrease in townhouses/condos. We had an inventory of 1,698 single family homes and 253 townhouses/condos.

- Median Sales Price: Compared to May 2019, we saw a 2% increase in single family homes and an 4.2% decrease in townhouses/condos.

- Average Sales Price: Compared to May 2019, we saw a 0.9% increase in single family homes and an 0.3% decrease in townhouses/condos.

- Days on Market: Compared to May 2019, we saw a 25% decrease for single family homes, with the average days on market at 30, and a 4% increase for townhouses/condos with the average days on market at 26.

- Months Supply of Inventory decreased 37.5%, to a 1.5 month supply of single family homes and 6.3%, 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!