TUCSON, ARIZONA -- April was another strong month for Tucson home sales according to indicators from Tucson MLS. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes,the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New Listings increased 26.0 percent for Single Family and 55.9 percent for Townhouse/Condo. Pending Sales increased 35.6 percent for Single Family and 107.7 percent for Townhouse/Condo. Inventory decreased 64.1 percent for Single Family and 61.2 percent for Townhouse/Condo.
Median Sales Price increased 28.2 percent to $325,000 for Single Family and 20.3 percent to $204,500 for Townhouse/Condo. Days on Market decreased 51.6 percent for Single Family and 45.5 percent for Townhouse/Condo. Months Supply of Inventory decreased 68.4 percent for Single Family and 66.7 percent for Townhouse/Condo.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
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