Holiday (Nov/Dec) Trends
Hello everyone! Happy Thanksgiving and Merry Christmas! As we head into the new year, it's important to keep track of the real estate market and where it's headed. Listings should be primed for the spring, and offers should be put in to take advantage of the high inventory.
We have 5,452 homes on the market at the moment, which is down from over 6,500 last year! That is an INCREDIBLE drop of 16.5%...WOW!! On the other side of the coin, Tucson sold 1,275 homes which is down from 1,398 last year. This is a difference of about 9%. So, the activity seems to have slowed down but this is only because of the drastic difference in active listings from last year to this year. It equates to an absorption rate (how many months it would take to sell all homes if nothing new went on) of 3.56, or roughly 3 1/2 months. This is down from 4 1/2 months last year which is another staggering drop of almost 22%!! The sold to list price differential is at 96% which is up 0.5% from this time last year. Here is a more visual snapshot of the market.
November 17/November 16
Absorption rate - 3.56/4.56
Average list price - $350,712/$307,791
Average sale price (do not let the difference between this and the average list price throw you off, the 96% I referenced earlier is the rule. There are many multi-million dollar homes in Tucson and as such, this raises the average listing price. Cheaper homes sell more often) - $238,838/$212,446
Days on market - 59/62
In conclusion, the market is still revitalizing itself at a remarkable rate. If you or someone you know is looking to buy or sell, what better time than now to get into a new home for a new year! Or, to sit back and relax while I prepare your home for sale in the spring when the market shifts in your favor! I hope everyone has a very Merry Christmas and please feel free to reach out to me at any time (day, night, or weekend) with any questions!