Those of you planning to move to a new home in Tucson, Arizona, or moving there for the first time, might want to look at what the housing marketing trends were this last year. With 2017 in our rear-view mirror, what happened month by month in the Tucson housing market gives some guidance to what might happen throughout 2018.
The immediate good news is the housing market was very strong in 2017. However, you'll want to know a lot more detail so you can make a more educated decision on whether you want to live there.
Let's take a look at what happened, starting with the early part of the year on through December.
The Predictions Were Right!
Back in December of 2016, housing market experts predicted Tucson would become a Top Ten real estate market throughout 2017. They were right on the money, because this did happen.
This kicked off by the National Association of Realtors ranking Tucson as its ninth strongest market for 2017.
One of the key aspects to living in Tucson was initially its affordability. With some more detail, you can understand why Tucson ended up in the Top Ten exactly as realtors said it would.
Reports in Spring of 2017
The first sign of robust housing growth came around March when KVOA from Tucson reported on the city's housing market breaking records.
With 1700 homes sold up to that time, it was an all-time record no one had ever seen. Predictions at the time said that Tucson would probably see even bigger housing market sales in ensuing months.
What set this off was home inventory stayed low, even though selling numbers were high thanks to lower prices. This helped a lot of young hopeful house buyers who only had one income. Nevertheless, these cheaper homes weren't necessarily easy to find. Many only found a few since the demand did start to raise prices on every home.
By spring, it pushed some home prices into the $400,000 range.
What Happened By Summer?
When June arrived, the median house price in Tucson nestled into the $200,000 range. Home sales continued to skyrocket, though, despite lower inventory. Overall, that was a nine-year high.
Generally, home prices slow in Tucson around mid-summer. During this period, it leads to more homes being available to buy due to the buying slowdown.
The problem is that Tucson still awaited construction to pick up then. Still, the most competitive price around this time was at $200,000 or a little below. This was still an affordable rate for many families.
Did Things Sustain into Fall?
By September, reports were total Tucson house sales had dipped slightly from August. It was only a 6% decrease, which was still an improvement from the year before. Average house prices went up to $247,649, a 3.72% increase from the month before.
New listings also rose 18% during this period. Average time on the market dropped to 42 days compared to 45 during summer.
As you can see, the momentum definitely continued. Now let's look at December to see what kind of tea leaves it shows us as we go through 2018.
End of Year Report
During the holiday season, sales slowed a little, though inventory levels remained low and average days on market decreased.
Average list price went up to $252,000 during the final quarter, keeping itself fairly sustained for a lengthy time.
Now that we're only a few weeks into 2018 at the time of this writing, we'll have to see whether this incredible growth sustains. One thing predicted last year is that Tucson's economy would grow tremendously through 2018.
If you're looking to sell your home fast for cash in the Tucson area, we're here to help at Corner Connect.
Contact us to learn more about our process and to learn more about the Tucson housing market.