What's the market like? How are sales? What are prices doing? Here are some answers for you:
In the chart below are 7 different analysis metrics to help you get a picture of how the flow of the real estate market is going. This chart is for the 85719 Zip Code - which covers a lot of the University of Arizona area, including the Sam Hughes, Rincon Heights, Iron Horse, Blenman Elm, Catalina Vista, Jefferson Park & North University neighborhoods.
Single Family Homes Only (The chart is timed to switch every 5 seconds, so if you miss one aspect, it will be around again shortly. You see 4 different color lines on all the charts - which show the market broken up into 4 segments by price quarters)
- Median Price -kind of like average price, but weighted towards how many properties are priced similarly
- Inventory - how many homes are on the market at any one time
- Market Action - activity...offers, sales, withdrawals, etc
- Days On Market - how long properties have been for sale
- New Listings - new on the market properties
- Absorption - rate at which properties are sold
- Price Per Square Foot - another indicator of price
So...are you ready for the explanation of what you're seeing? Fair enough - lets go:
Prices are relatively flat, but there is a slight uptic in the bottom half of the market - inventory has gone down markedly, with market action warming up...you'll see peaks & valleys with an overall trend towards more activity. Days on market is trending sharply up...because there is more inventory than buyers and there are still a lot of homes on the market, and there isn't a lot of interest by sellers to put new listings up for sale.
Now that there aren't as many homes for sale, and buying activity is going up, absorption is also going up...and we're seeing the price per square foot go up a little bit too. Why is the $/sq ft going up, but not the median price? Easy - smaller homes are selling, but at a higher price per square foot, which makes the median/average price of properties stay along the same line.
All of this makes sense if you put it together to tell the story...to understand the market, you've got to look at more than one indicator, and these are just a few to work with.
If you're thinking about buying property in Tucson, you might want to consider a REALTOR® who understands how to read the market, not just unlock doors and tell you how much you're going to l-o-v-e the neighborhood. I'm your man. Lets talk.