It’s a seller’s market; Tucson housing inventory hits historic low

A recent survey by our partners at the financial website NerdWallet found 84% of those planning...
A recent survey by our partners at the financial website NerdWallet found 84% of those planning to sell in the next 18 months are willing to accept less than asking price if their home takes longer than expected to sell.(Pixabay)
Updated: Nov. 17, 2019 at 5:37 PM MST
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TUCSON, Ariz. (KOLD News 13) - Tucson housing inventories are at historic lows, according to recent data released by the Tucson Association of Realtors.

Inventory is the number of houses, townhomes and condos for sale. According to the data, in Oct. 2019, there are 2,453 single-family units and 258 townhomes and condos available. That is about a 20 percent drop for single family and 13 percent drop for townhomes and condos in respect to 2018 numbers.

Sunday, Dean Leonard, an area realtor, hosted an open house for his listing in Sahuarita. He said all of his Tucson listings were swiped up already. The current inventory numbers are the lowest in at least 10 years. In 2004, the inventory was similar.

“Historical lows, I mean historic,” said Leonard.

Bill and Mary Goodrick stopped by to check out the house, hoping to downsize. They already have a house and are not in a rush to move, which benefits the couple who has been looking around for a while.

“Houses in our neighborhood stay on the market for one or two days, and they’re gone,” said Bill Goodrick.

Leonard said a healthy housing market has enough inventory for about four-to-six months.

“We’re at one to two months right now,” said Leonard.

With low supply and high demand comes booming prices, but Tucson, oddly, has not seen as much of a price spike as Leonard would estimate.

“We’re still under $300,000 that’s crazy,” said Leonard.

The average single-family home price is $294,367, up slightly from 2018’s price of $269,126 for the month of Oct.

“If you’re building homes, it’s just booming,” said Leonard.

In 2008, inventory numbers soared to around 8,000.

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