How’s the Market?
Statistics based on information obtained from MLSSAZ and ARMLS on 07/06/2020 using Brokermetrics software, and from the White Mountains MLS, Northern Arizona Association of REALTORS MLS and Yuma MLS. Information is believed to be reliable, but not guaranteed.
Residential Pending Sales (listing under contract) — Tucson Metro
Weekly Sales Activity — Tucson Metro Residential Sales by Week - Tucson Metro Area 600 510 488
500
457 411
400 348
367
387 379 380 385
456
354
435
399
353 324
323
318
453
428
386
377 352
429
496
474
296
310
300
200
Arizona State at Home Order
100
7/13
7/6
6/29
6/22
6/15
6/8
6/1
5/25
5/18
5/11
5/4
4/27
4/20
4/13
4/6
3/30
3/23
3/16
3/9
3/2
2/24
2/17
2/10
2/3
1/27
1/20
1/13
1/6
0
Residential Pending Sales (listing under contract) — Phoenix Metro
Percent Change in Closed Sales YTD 2020 vs. YTD 2019 25.0% 18.8%
20.0% 15.0% 10.0%
4.5%
5.0% 0.0% -1.6%
-5.0% -6.4%
-10.0%
-8.0% Phoenix
-8.5% Tucson
Green Valley/Sahuarita
-7.2% Sierra Vista
Flagstaff
White Mountains
Yuma
Not a Housing Crash…
Market Conditions — Tucson Metro
It’s a Seller’s Market!
Luxury ($800k+) New Pending Sales — Tucson Metro
Luxury ($800k+) New Pending Sales — Phoenix Metro
Stock Market Volatility
Median Sales Price and Listing Inventory— Tucson Metro
Median Sales Price and Listing Inventory— Phoenix Metro
Median Sales Price: Southern Arizona Sierra Vista $250,000
Green Valley
+9.5% YTD
$200,000
-2.5% YTD $150,000
$100,000
$50,000
$0
Median Sales Price: Northern & Central Arizona White Mountains $450,000
Flagstaff
Yuma
+11.9% YTD
$400,000 $350,000 $300,000 $250,000
+13.8% YTD
$200,000 $150,000 $100,000 $50,000 $0
+3.3% YTD
US Building Permits A Shortage of New Construction Homes
High Buyer Demand Less Listing Competition Home Values Have Risen A Great Time to Sell Low Mortgage Rates
Mortgage Rates Historically Low Now…
Monthly Payment on Median Priced Home— Tucson Metro
House Payments are low now‌ But in the future?
Home Prices Forecast to Rise‌ And Forecasters are Not Expecting a Drop
Mortgage Rates Will Likely Rise with Inflation… As Will Many Other Things
Cost of Waiting to Buy a Home - Monthly Payment 2020 vs 2025 assumes $280,500 median price (3% annual increase) and 6% interest rate in 2025
$1,800.00 $1,600.00 $1,400.00
Monthly savings $608.43 Annual Savings $7,301.16 Lifetime Savings $219,034.80
$1,597.65
$1,200.00 $1,000.00
$989.22
$800.00
$600.00 $400.00 $200.00
$0.00
Today
2025 - 6%
Current Market Conditions Inventory – Extremely Low Appreciation of Home Prices - Positive Interest Rates – Historically Low Access to Financing – Positive Buyer Activity – High Seller’s Market
What don’t we know Unemployment and Economic Recovery? COVID-19?
What we do know Housing is Leading the Economic Recovery
Resources to Keep You Informed
Your Long Realty Agent LongRealty.com Monthly Housing Reports Save a Search (get notified on listings and sales in your neighborhood)
Get Home Value Estimates