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Friday, June 2, 2017

Tucson Homes Market: Fewer Houses and Faster Sales

Wow! The average Days on Market (DOM) before going under contract in the Tucson MLS has dropped to 44 days. One year ago the average Days on Market was 57 days. That is the fastest sales rate since April of 2006!

And the number of Tucson homes actively for sale was 3,773 in April, down 16% from one year ago (4,525 in April 2016) and way way down from ten years ago when there were a whopping 10,387 homes on the market in April 2007. 

So what are our takeaways from these dry stats? 

Tucson homes are selling faster and there continues to be a smaller number of homes available.  Many homes are selling in a matter of days, sometimes with multiple offers.  But I must add one BIG CAVEAT to that statement: Those homes selling fast are generally priced right to begin with and are in pretty good condition. Just slapping an over-priced house on the market in any old condition will not generate fast and multiple offers.

The other big takeaway is that buyers need to be prepared to make their offers and to be flexible when doing so.  More on that next week.

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