Downsizing – Is It a Trend for our Tucson Area?
I read an interesting blog that had me digging into the Tucson Market to see what I could find in regards to downsizing and trends in homes sold in the greater Tucson real estate market.
In studying the MLS market statistic reports for our region, I discovered the following and have put it in graph form:
In summary, in January of this year, 33.9% or, 282 homes of 830 sold were 4 bedroom or more.
In June, 32.4% or 409 of 1261 homes were 4 bedroom or more.
Based on the MLS statistical report, the actual square footage of sold homes wasn't available, but for the subject of this post, let's assume they were larger homes.
What is perhaps even more telling, is the growing number of SOLD listings versus the number 6 months earlier. A 66% difference in numbers. Combine that with the dwindling inventory, and it's a matter of time until that affects pricing. Where there's demand coupled with fewer choices...prices go up.
I'm not an analyst or expert - I'm just looking at one angle in the Tucson Area MLS Statistics, but I personally feel that downsizing has not hit the Tucson housing market as a trend. I have dealt with many clients relocating to Tucson and buying smaller homes, or folks retiring, empty nesters, etc. that are looking for a home with less upkeep - but as a whole...I don't find that your average Tucson buyer is going small.
To find your new home in Tucson, whatever the size, call me. (or text or email!) I'm happy to show you homes for sale in Tucson, AZ.