Tucson real estate sales heat up, extreme seller’s market

Tucson real estate sales heat up, extreme seller’s market
Tucson real estate sales heat up, extreme seller's market (Source: KOLD)

TUCSON, Ariz. (KOLD News 13) - Homes in Tucson are selling quickly and creating a strong competition between buyers. Real estate experts say COVID-19 has played a roll in the booming seller’s market.

“All the houses that are on the market, we are turning them over every single month so it’s a real challenge and that’s what feeds directly into it being a seller’s market,” said Randy Rogers, CEO of the Tucson Association of Realtors.

The Tucson Association of Realtors says a healthy market is a six-month supply of homes while Tucson currently has a 30-day supply. They’re seeing an uptick in out-of-state buyers and believe it’s tied to COVID-19.

“We are just getting people from all over and I think it’s because we have wide-open spaces and our natural disasters are de minimus,” said Billy Mordka, president of the Tucson Association of Realtors. “We have heat and that’s about it.”

With few homes on the market, competition between buyers is heating up.

“There was one house from a brokerage out here in town. It was listed I think around $150,000 and it had 70 offers,” Mordka said. “That’s an extreme case but it’s not uncommon to get anywhere from multiple offers up to 10 on any given property.”

COVID-19 is also impacting how easy it is for a person to qualify for a loan.

"A lot of the lenders are doing two, or three or four employment verification to make sure you're still employed and make sure you're what's essential," he said. "Obviously if you're a hospital worker, or something like that, they know you have pretty good job security right now."

Tucson’s real estate wasn’t always this hot as the virus created a halting effect on home sales months ago.

“When the lockdown happened with Gov. Ducey it really created like a three-, four-week speed bump that was definitely a pause to activity across the board,” Mordka said.

Realtors watched the housing market come back to life about about one month into Arizona’s stay-at-home order and Tucson has been on an upward trajectory ever since. There are currently about 1,300 houses for sale in Tucson.

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