Inventory of homes also went up in July to 1,109 units, up 19% from 901 units in June. Although more homes are coming on the market they are coming at a slow pace and are sold at a brisk pace. A balanced market is a market in which there is usually 6 months of inventory. Right now, for Tucson, the inventory is less than one month. Average days on market to sell a property remains at 12 days.
I am sure you have all heard, "Tucson is a hot seller's market!" Well, this is definitely true. The amount of listings available is at historic lows (meaning low inventory) and buyers are desperate to find a house. Once they find a house, they often have to compete with other buyers or find that they missed the boat and the home is already under contract. So many times the status of a property is overlooked and people spend tons of time looking at homes that are under contract not knowing the home is pending sale.
This is not only frustrating, it is time consuming! I always say, "work smarter, not harder" and one way you can do that is to check the Tucson MLS to see if the homes you like are even available anymore. Often sites like, Zillow, do not display if a home is under contract or pending a closed deal. Your best bet is to search directly on the Tucson Multiple Listing Service (MLS). The MLS has accurate updates on the status of each listing. When searching for homes in the Tucson Multiple Listing Service (MLS) it is important to look at the status of the property and know the status definitions.
When searching for homes make sure you look at the “status” of a property to make sure it is “Active.” Anything other than “Active” means there is an offer on the property. However, just because there is an offer does not mean the seller will not consider other offers. So knowing the Tucson Association Of Realtors Multiple Listing Service Status Definitions is important.
- Active – No offers have been accepted.
- Active CAPA – “Can Accept Purchase Agreement”: Listing is under mutually accepted contract, and is to remain active. Seller has reserved the right to accept replacement offers as defined in the Purchase Contract. Days on Market will cease to accrue.
- Active Contingent – Listing is under mutually accepted contract, which contains one or more contingencies. Call agent for permission to show. Days on Market will cease to accrue.
- Pending – Listing is under mutually accepted contract, but has not yet closed escrow. Call Agent for permission to show. Days on Market stop accruing.
- Closed or Rented – Property has been Sold or Rented.
When searching for homes on My website make sure you look at the “Status” of the properties when searching for homes in Tucson, Arizona.
As always, feel free to call me if you have any questions or need help navigating our "active" Southern AZ real estate market.
520-904-4509 or email me at amoskoren@realtyexecutives.com
Amos Koren
