Things are improving! At last I feel I can say the data shows slow, but steady improvement. Here are some highlights worth mentioning:
- Total Sales Volume of $278,489,391 made a small increase from the prior month, but is more than 5% over December of 2015.
- The Average Sales Price is $226,598 and the analysis shows the increase has been slow, but steady.
- The average List Price has increased 4.5% from the prior month.
- The Median Sales Price of $179,000 is down from November’s number, but outpaced all of last year.
- Total Active Listings of 3752 is lower than the previous several months, which is an overall inventory advantage for Sellers.
- Average Days on Market (DOM) for December is 49, the lowest number seen in years. This can be due to less inventory and may signal a more robust Buyer pool.
- The sale price to list price is still within about 96%.
- Conventional loan sales of 46.9% has exceeded Cash Sales of 23.7%. The uptake in conventional financing will help improve our market by increasing the number of qualified Buyers.
- While this is an improvement, we still caution our Sellers to invest in their home by repairing all deferred maintenance items and making thoughtful cosmetic upgrades. While it may seem to be throwing away precious financial resources, Buyers are demanding these improvements and you may have to make serious price concessions if you don’t do it. Luckily, we have the up to date knowledge and expertise around this, and when you list with us, you get expert design analysis for free. We know what sells! Experience tells us Buyers are willing to pay for these improvements in most cases and you will see a quicker sale if you do it. Buyers still see Tucson as a value, and make offers that reflect that thinking. Make your property stand above the average and get a sale price that reflects that.