Local Market Insights | City of Tucson | September 2020

Updated: Jan 21

As we move into the fall, we are still seeing an increase in buyer activity. While mortgage rates are remaining low, according to the Tucson Association of Realtors and the Mortgage Bankers association, lending standards are tightening and it is causing some buyers to have difficulty qualifying. Unemployment is also considerably higher than this time last year, due to the ongoing effects of the Covid-19 pandemic. This summary is prepared using the monthly report published by the Tucson Association of Realtors. We had a 1 month supply of inventory and the median sales price for all properties increased 13.5%. The median single family home sale price was $282,000. Check out some other key statistics about the Tucson housing market for September.


- New Listings: Compared to September 2019, we saw a 6.5% increase in single family homes and a 28.6% increase in townhouses/condos.


- Closed Sales: Compared to September 2019, we saw a 1.8% increase in single family homes and a 30.1% increase in townhouses/condos.


- Inventory: Compared to September 2019, we saw a 50.8% decrease in single family homes and a 31.5% decrease in townhouses/condos. We had an inventory of 1,224 single family homes and 191 townhouses/condos.


- Median Sales Price: Compared to September 2019, we saw a 12.4% increase in single family homes and an 11% increase in townhouses/condos.


- Average Sales Price: Compared to September 2019, we saw a 15.1% increase in single family homes and a 18.3% increase in townhouses/condos.


- Days on Market: Compared to September 2019, we saw a 33.3% decrease for single family homes, with the average days on market at 24, and a 14.3% decrease for townhouses/condos with the average days on market at 24.


- Months Supply of Inventory decreased 54.5%, to a 1 month supply of single family homes and 37.5%, to a 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!


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