Today I’m here with your November 2017 market report for the Tucson and southern Arizona market.
Overall, our market is very good right now. Compared to this time last year, prices are up just under 4%. The number of units sold is up just over 4%, so we’ve got good strength in our market.
The days on market measures how fast homes are going under contract. Last November, the average days on market was 47. Now, homes spend about 41 days on market before going under contract, so that’s improving.
All of these things indicate that the market is gaining strength.
There are a total of 3,500 listings available in the MLS, and we are selling about 1,213 homes a month. This leaves us with about three months of inventory. To put that in perspective, a balanced market has six months of inventory. We are in a definite seller’s market.
So, what does all of this mean for you?
If you’re thinking of selling a home, then the market is hot. Inventory is low enough now that it’s a good time to sell your home. If you wait until after the first of the year, inventory will go up. So, if you’re thinking of selling, I would do it today rather than tomorrow.
If you are a buyer looking for a home under $400,000, the market is pretty strong. You need to be prepared to go in with a strong offer. You need proof of funds or proof of loan so that the seller will take your offer seriously. Homes under $400,000 are getting multiple offers.
If you are buying in the luxury market, then inventory is abundant. If you’re selling in the luxury market, price it sharp because buyers have a lot to pick from.
If you have any other questions or would like to know more details about our current market, just give me a call or send me an email. I would be happy to help you!