Buyer Statistics
Everyone wants to make a good decision when they purchase a home. Here’s how these Tucson market charts and statistics can help you better understand the local market conditions and make solid buying decisions.
Understanding Average and Median Sales Prices
If you’ve decided what area of Tucson you’d like to live in, look at the Average and Median sales price charts for that area. Is the trend generally upwards, downwards, or flat? This will tell you if prices are increasing or decreasing in that area, so you know if you should be making offers at prices greater than the most recent sales, equal to the most recent sales, or less than the most recent sales.
Unit Sales and Timing the Market
Take a look at the unit sales chart for the area of Tucson in which you’re interested in buying a home. In some parts of town, sales go up in summer. In others, sales go down in summer. Look at the seasonal trend of sales so that you understand how much competition you’ll have. In winter, there are typically fewer sales, so you’ll be competing with fewer buyers. In summer, there are typically more sales, so you’ll be competing with more buyers. Knowing the current sales climate helps you decide how competitive to make your offer.
Buyer or Seller Market?
The months of inventory chart tells you who typically has more negotiating power during a sale. In Tucson, a balanced market is right around 6 months. If the current months of inventory for the area you like is much higher than that, then you can probably negotiate fairly aggressively. If the months of inventory figure is low, then a Seller is less likely to negotiate. There are always exceptions, of course, depending on each Seller’s motivation and their history on the market.
Will there be competition for the home that I want?
The list and sales price distribution chart is helpful for several reasons. If you want to buy a home in an area and price bracket where the number of listings closely equals the number of sales, chances are that you’ll have a lot of competition for that home. If you want to buy a home in a price bracket and area where there are far more listings than sales, then you’ll have a wide selection and most likely more negotiating power.
Secondly, you can compare the peaks between the listing prices and sales prices to see which price ranges are selling well, and which aren’t.
Finally, you can get an idea of how likely it is to find a home in your price range in any given area. If there are no listings or sales in your price range in that area, chances are, we’ll have a tough time finding you a home there.
