Hello everybody my name is Cade Olof and welcome back to Suburban Snacks. Should we change up the intro at all? The snack that I will be eating today is….. Coconut Love!!!
In this episode, we’ll be going over a state of the market update. This year has been a rollercoaster for the real estate market and so I figured it’d be best if we regrouped, looked at some data, and figured out whether or not this rollercoaster is going to end. As you know this HOT market has been going on countrywide but I’m going to be going over stats from my local Tucson AZ market.
So one of the first stats we need to look at is the average months of inventory. As of today there has been no time during 2021 where there were more than 2 months of inventory available. And take note that goes for all properties, not just the average single-family homes selling for around $320,000. This is important because it informs us that whether you’re selling a million-dollar mansion or a $90,000 condo, you can expect to sell it within 2 months.
As of June 2021, there were only 1,042 homes for sale in Tucson. Now as of today, that number sits at 815… which means that inventory is still incredibly low! So if the inventory is still low… What are the home prices doing? Well, the average home price in Tucson as of today is $327,000. So yeah homes are still pretty expensive considering that they’re worth 30% more than they were last year. But what’s crazy is that interest rates are still at an all-time low around 3%, which is keeping most buyers eligible to purchase homes. However, some economists believe we’re going to see a slight increase in rates in the coming year. If this happens, it will most likely help calm the market and slow the pace of rising home prices.
Alright enough with all the data… What are we seeing here at Suburban? Well, we have been seeing a slight change of pace in our market here in Sahuarita. As of today, there are still only 36 houses available in Rancho Sahuarita but we have seen a change in Days on market. A couple months ago, we were seeing houses get under contract within hours. We are now seeing houses stay on the market for days at a time with the average DOM in Rancho Sahuarita being 41, take note that’s considering new construction. So to recap, the market is still hot and it will be interesting to see how it adjusts in the coming months. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to follow us on Facebook, Instagram and YouTube all at Suburbanrealestategroup. Thanks for watching, my name is Cade Olof and we will see you in the next one!