Today I’ve got a market summary to share with you for Tucson in 2017. I took a look at the latest numbers and picked out the most important ones to share with you. Here’s what happened in the Tucson real estate market in 2017:
We currently have 3,600 active listings on the market here in Tucson. That number is down about 2% from last year. The lower our inventory is, the more upward pressure is put on pricing.
There have been nearly 15,000 units sold in 2017. That’s a big 14% jump from the number of sales we saw in 2016. However, if you factor in our new construction, the increase in sales over last year is closer to 20%.
The average sale price in Tucson right now is $246,000. That’s an 11.9% increase from last year. Homes are selling more quickly, too. They’re selling in an average of 44 days this year, which is down from the average of 47 days last year.
44% of our transactions this year have been made with a conventional loan, while 28% were purchased with a government loan like a VA loan or an FHA loan, and 24% of the sales were in cash. Mortgage rates are currently sitting just over 4%, which is historically low.
That’s the state of the Tucson market right now. All of the factors mentioned above have led us to a warmer, hotter market where things are moving faster and there’s more opportunity for buyers and sellers.
If you have any questions for me about the market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.