KEYS TO THE DREAM: Tucson housing affordability in question as multiple offer situations drive prices above list price
Average price for single-family home in Tucson just over $405,000
TUCSON, Ariz. (KOLD News 13) - The average home price in Tucson has jumped more than 30% in a year, but that’s not stopping buyers from scooping them up as soon as they hit the market.
Buyers are willing to pay tens of thousands of dollars above the list price to get in the door.
Carissa Wilson is on the hunt for her family’s first home.
She’s giving her husband a virtual tour of the house over Facetime.
“We have a 6-month-old now, so we alternate now because going out altogether is not going to happen,” Wilson said.
The Wilsons aren’t too picky.
“Just three bedrooms. Anything really. Four walls and a roof would be great,” Wilson said.
With a short wish list, you’d think house hunting would be easy.
“It’s been difficult. We are getting outbid even $30,000 over the asking price,” Wilson said.
Diane Marzonie, President of the Tucson Association of Realtors, said people are suffering from buyer fatigue.
“I had a client that we wrote seven different offers for and by the eighth one she just said ‘I’m done, I can’t do this anymore.’ That broke my heart,” Marzonie said.
Marzonie said out-of-state buyers are moving to Tucson with cash offers and closing in a couple of weeks.
“That shuts down everyone out there, whether you are trying to get a conventional loan or an FHA loan, or even a VA loan because the seller is looking at the bottom dollar,” Marzonie said.
According to the latest MLS data for Tucson, the average sales price for a townhouse or condo is about $220,000 dollars, up more than 11 percent from last year.
The average sales price for a single-family home in Tucson is just over $405,000, up nearly 34% from 2020.
“If it goes much further than $405,000 we are just going to turn into a city that is too expensive to live in,” Marzonie said.
The open house Wilson was checking out was below that $405,000 average.
“We are actually at a range price from $285,000 to $289,000. We expect we will receive offers that are higher than that,” said associate broker Brigette Jewell with Realty Executives.
Jewell believes the affordability of the home drew in the large open house crowd.
“It’s beautiful. There’s a lot of people here, so it’s intimidating,” Wilson said.
According to April 2021 MLS numbers, the percent of the list price received is more than 100 percent.
“People are getting at list price or at least a little bit above because people are fighting for them,” Marzonie said.
Jewell said the home’s sellers received three offers the day it hit the market, another offer a few days later and calls from agents asking if they would take backup offers.
The home is now under contract.
“We don’t know when it’s going to end, but right now it’s most definitely a seller’s market,” Jewell said.
Copyright 2021 KOLD News 13. All rights reserved.