TUCSON, Ariz. (KOLD News 13) - One-year into the pandemic, Tucson homes are in very high demand. Realtors are seeing some sellers going to great lengths to get in on the hot housing market.
The Tucson Association of Realtors said homes are selling nearly twice as fast as they did during this time last year and at a 14% increased cost.
“If I had to label it, I would say sellers are in the driver’s seat right now,” said Diane Marzonie, the president of the Tucson Association of Realtors.
She said Tucson had about 3,000 houses for sale at this point one year ago, there’s fewer than 1,400 on the market now. Vanessa Larios is house hunting in Tucson and has noticed the difference.
“The houses I’ve been liking, they’ve been increasing or they’re not in the market anymore,” Larios said. “It’s kind of frustrating to wait a little bit longer to find the home I want.”
Realtors have seen people from around the country shopping for Tucson homes with a huge influx from California.
“A lot of large companies are hiring here, so a lot of people are bringing their families,” Marzonie said.
Homeowners are taking advantage of the booming market.
“They want a bigger home and they’re like if I sell now, I can pocket that money or maybe even invest,” she said.
Marzonie said with few rentals available in Tucson, many people have resorted to moving in with family as they wait for the market to settle down.
“Most people will decide that that’s okay,” she said. “When the market slows down just a little bit, and there’s more inventory out there, they might be able to find the house of their dreams and be able to afford it.”
She said low interest rates are a huge driving factor in the hot housing market but said it will eventually plateau.
The median price for a Tucson home was $290,000 last month, according to the Tucson Association of Realtors.