Seller Statistics
As a home seller here in Tucson, you want to make sure you are pricing your home appropriately for the market, so that you can sell your home in a reasonable amount of time and not leave any money on the table. Here’s how these Tucson market statistics can help you do that.
Using the Average and Median Sales Price to price your home
Look at the charts for the average and median sales price for your area of town. This is a good first indicator of whether prices are going up, down, or staying generally even in your market. If sales prices and the median are going up, you can probably price your home a little bit above the most recent sales. If the average and median sales prices are going down, you’ll have to price your home below the most recent sales.
Unit Sales – the likelihood of selling
The number of sales changes over different parts of the year. If you sell your home when there are more homes selling, then yours has a greater chance of being sold as well. Look at the seasonal trend of sales for your area of town. Whichever month has the highest unit sales and the lowest months of inventory is the peak selling season for your market.
Months of Inventory – how much will you have to negotiate?
Months of inventory tells you if you’ll have a lot of competition to sell your home, and generally how much negotiating power you’ll have as a seller. In Tucson, a balanced market is usually around 6 months. Anything less is a Seller’s market, where demand is high and inventory is low, and Sellers have more negotiating power. Anything more is a Buyer’s market, where demand is low and inventory is high, and Buyers have more negotiating power. If the Months of Inventory figure is high for your area, then you’ll have to price very competitively and have your home in prime condition in order to command the best sales price. If the Months of Inventory figure is low, then there is potentially high demand for your home and you can price and negotiate more aggressively.
List and Sales price distribution – is there a market for your home?
Check out the difference between the typical list price and the typical sales price for your area. If there’s a big difference in your price range between the number of listings and the number of sales, then the market for your home may be flooded. If the number of listings and the number of sales in that price bracket is close, then there is going to be more demand for your home. You can also see how often homes sell in that price range for that area, so that you get an idea of the likelihood of selling in that price bracket for your area.
