Tucson’s Residential housing market is doing well BUT, Don’t be impressed by the headlines reporting year-over-year housing numbers for the months of March, April, May, and June because it’ll show eye-popping one-year increases.
While the year-over-year jumps will certainly be striking, consumers should take these numbers with a grain of salt. Essentially, the increases will reflect a combination of two things: sharply lower housing numbers during last year’s virus-related market slow down and the subsequent strong rebound. This will result in what will appear to be unbelievable growth.
Let’s use single-family home sales as an example: last spring’s buying market was anything but typical. Instead of sales increasing, they fell sharply as a result of stay-at-home orders.
This spring’s Tucson housing market has bounced back showing sales increases that appear astronomical – not because sales have skyrocketed, but instead because they will be compared to last year’s low numbers.
Here’s one other huge takeaway to consider— A typical residential housing market here in Tucson has between 4 and 5 months of inventory. Which means if no new home listings came on the market there’s enough of a supply of home for buyers to buy for the next 4 to 5 months.
Today the amount of supply is………..21 days