Northwest Tucson Market Update September 2022

As the heat of summer cools just a bit, so is our housing market here in Tucson, Arizona. We are seeing something we haven't seen in a while...PRICE REDUCTIONS!!! Is it because the market has dropped that much? It hasn't. This year, many people took their first vacation in 2 years. Some sellers don't want to believe the height of the market has passed us. It has. So there are many homes still priced too high, thus the price reductions. Many ask, is the market tanking? No! It's normalizing. It's becoming more of a balanced market but still remains a seller's market until you get into the 1.4 mil price point and up, then it becomes more of a buyer's market. From July to August, both median sales price and median list price are down 8%. Sales volume is down 6% for the past month and down a whopping 19% from August 2021. Median sold price for Northwest Tucson was 539,400 in August 2022.

Sellers...what does this mean for you? Be realistic when pricing your home. Homes priced slightly under market value create excitement in the market and thus, typically result in a higher sales price. Stay on top of your maintenance and present the best version of your home when you go on the market. Homes that are clean, organized and staged well have multiple offers when they are priced properly!

Buyers..Things are headed in a more positive direction for you! The craziness has passed. Interest rates are still extremely low, historicaly speaking. Great homes are still going fast so bring your A game (best, cleanest offer).

Happy Buying and Selling!!

For market reports specific to your neighborhood, contact me! [email protected] / 520-904-4248

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