Tucson Arizona February 2023 Residential Real Estate Update

Dated: February 7 2024

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Tucson Arizona February 2023 Residential Real Estate Update

Introduction

Welcome to February's market update where we will be taking a look at the recent activity in the residential real estate market in your area. In this blog, we will provide you with key insights and trends from the month of January. Whether you are a buyer, seller, or simply interested in the real estate market, we hope you find this information helpful in making informed decisions.

Active Listings

During the month of January, the number of active listings in your area decreased by 12% compared to the same time last year. Additionally, there was a 7% decrease in active listings compared to the previous month. This decline in inventory means that buyers who waited to make a purchase may have had a smaller selection to choose from.

Listing Prices

The median listing price for residential properties in your area during January was just under $400,000. When compared to the previous year, this shows a stable market with a slight increase in prices. It is important to note that listing prices can vary depending on factors such as location, size, and condition of the property.

Days on Market

The average number of days a unit spent on the market before being sold decreased by 8% in January. This indicates a positive trend in the local inventory turnover rate. A lower number of days on the market suggests that properties are selling at a faster pace, which may be beneficial for sellers. Buyers, on the other hand, may need to act quickly to secure a property.

Sale Prices

The median sale price for residential properties in your area during January was just under $350,000. Although there was a 4% decrease in the number of units sold compared to the previous year, there was a 5% increase in sales from the previous month. This upward monthly sales trend indicates positive momentum in the market.

Conclusion

Thank you for taking the time to watch this market update. We hope you found the information provided helpful in your real estate journey. Whether you are looking to buy or sell a property or simply stay informed about the market, it is always important to gather as much information as possible. If you would like more information or assistance, we encourage you to click the button on the screen to get in touch with our team of experts.

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Tyler Lein

Having worked with the top RE/MAX agents in our market since 2001, I bring a wealth of knowledge to the table to help my agents build their business. My strongest areas are in the technology realm bo....

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