1. List price vs. sales price ratio
2. Total inventory of homes for sale
3. Days on market of sold homes
4. Total number of homes under contract or pending sales.
October 2013:
- Average list price was $199,540 compared to an average selling price of $192,433. Or 96.4% of asking price.
- Inventory of homes for sale is 5,173 which is up 23% compared to a year ago (4,195).
- Average days on market for Sold homes was 50 days in October.
- Total homes under contract is 1,771.
Buyers: Know going into a negotiation that if you've found a properly priced home you can expect to save on average 4% off the asking price. Begin with the end in mind. So offer 5-7% below asking from the start unless there is more than one offer. Which in that case start strong with highest and best and that could mean offering at or over asking price.
Sellers: Sold homes and under contract or pending homes are telling you a story. Their listing price before agreement was probably within 5-7% of market value for your subdivision. Buyers rarely look at homes they believe are more than 10% over priced. Hire an agent who will tell you the truth even when it's uncomfortable.
Lastly, the statistics above represent averages for the entire city. You need to go small whether buying or selling. What I mean is the four numbers must come from your subdivision, township/section/range or similar properties near the one your buying or selling. Tucson is a sprawling town with many sub- markets. Pricing can vary from one street to the next.
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Thinking of buying or selling a home in the Tucson Area? I welcome the opportunity to serve you.
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