Local Market Insights | City of Tucson | October 2020

October brought about new record lows for mortgage rates and the Tucson real estate market continues to be a strong seller's market. This summary is prepared using the monthly report published by the Tucson Association of Realtors. We had a 1.3 month supply of inventory and the median sales price for all properties increased 13.4%. The median single family home sale price was $282,000. Check out some other key statistics about the Tucson housing market for October.

- New Listings: Compared to October 2019, we saw a 9% increase in single family homes and an 8.8% increase in townhouses/condos.

- Closed Sales: Compared to October 2019, we saw a 13% increase in single family homes and a 60.8% increase in townhouses/condos.

- Inventory: Compared to October 2019, we saw a 41.5% decrease in single family homes and a 23.5% decrease in townhouses/condos. We had an inventory of 1,516 single family homes and 218 townhouses/condos.

- Median Sales Price: Compared to October 2019, we saw a 12.8% increase in single family homes and a 16.4% increase in townhouses/condos.

- Average Sales Price: Compared to October 2019, we saw a 17.6% increase in single family homes and a 17.1% increase in townhouses/condos.

- Days on Market: Compared to October 2019, we saw a 48.6% decrease for single family homes, with the average days on market at 19, and a 19.2% decrease for townhouses/condos with the average days on market at 21.

- Months Supply of Inventory decreased 40.9%, to a 1.3 month supply of single family homes and 31.3%, 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!