MARKET UPDATE: Sahuarita, Arizona Housing Market. Now's The Time To Make A Move!
It is no secret that the housing market in Arizona is exploding, but few areas around the state have seen such a dramatic increase like Sahuarita did in the year 2020. Say what you want about 2020, but it wasn't all bad. Keep reading and I'll tell you why.
From January 1, 2020 to January 1, 2021 the median sales price for homes in Sahuarita rose more than 24% beating Tucson's median sales price rise of about 19%. In the month of December 2020 alone, median sales price increased 13.9% month over month. This is big news as houses continued to be safe investments even during a year where much of the economy was shut down. In fact, the housing market in Sahuarita has seen a steady increase for the past 5 years! To put things into perspective, 5 years ago the median sales price for a home in Sahuarita was $165,000, fast forward that to 2020's figures and the median sales price for a home is $245,000! You don't have to be good at math to know that that's some serious equity we are talking about.
The image above shows the steady increase Sahuarita saw in median sales price for homes in the year 2020. All Data is reported from MLS of Southern Arizona.
Another statistic I love as a Realtor is the median days on the market for homes. I always like to share this statistic with my clients so that they know how fast homes are selling in their particular area. Unlike the median sales price, we do not want this number to be high, instead we want a really low number to be our goal here. For the year 2020, Sahuarita's median days on the market for homes fell all the way down to 9 days. In other words, houses are selling fast in Sahuarita! At the beginning of 2020, houses would last around 24 days on the market, just over three weeks, compared to just over one week reported at the end of the year.
The image above shows the steady decrease Sahuarita saw in median days on the market for homes in the year 2020. All Data is reported from MLS of Southern Arizona.
What does this mean for you?
As a seller: You want to be well informed on market conditions. Of course, much of that job is allocated to the REALTOR® you choose, but there is no reason why you would not want to protect yourself and be an informed seller. I always like to sit down with my sellers and not only give them the statistics I know are important for them to know, but also educate them on what exactly each statistic means and how they should be interpreted. So let's recap: As a seller you want the median sales price in your community to be as high as possible because that means more $$ in your pocket. This also boosts appraisal values and makes it much less likely that the appraisal for your home will come out short. The second one is a little more obvious, as a seller you want the median days on the market to be low so you can sell your home faster without it sitting on the market.
As a buyer: You want to be well informed on market conditions so you know what kind of current you're rowing in. As of now, most real estate agents would agree that we are experiencing a seller's market. The combination of limited housing supply and historically low interest rates on loans creates competition for the few homes available. You need to know this kind of stuff if you're a buyer. You need to know that when you see a house you like, as soon as it hits MLS, your agent needs to be at the property ASAP showing it to you and submitting an offer. You need to move quick in this market. I always like to sit down with my buyer and really understand what they are looking for so that as soon as something hits MLS, we are on top of it and can submit and strong offer. We know houses are moving very quick and we also know they're selling for a premium. If we have historic low interest rates on our side, it is much preferred to put in a nice strong offer fast, even if its above asking price, than to put a mediocre offer that will get rejected by someone being more aggressive than you. Your agent needs to know how to be aggressive and win you the house you want, just like I do.
For more market information or if you would like to schedule an appointment with Top Realtor Enrique Castillon. Please do not hesitate to contact him using the information below.
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