Here’s a quick look at Tucson, Austin, and San Diego real estate.
I have a quick update for you on the real estate market for the three areas our team serves (Tucson, San Diego, and Austin) for the first quarter of 2021. There is no shortage of headlines about the craziness of the real estate market. We’re hearing stories of people paying up to 50% over list price in some markets. I’m excited to dig into today’s numbers:
Across all three markets, home prices are on fire. They’re up 21.8% in Tucson, 15.7% in San Diego, and up 34.1% in Austin! Those are huge numbers.
“Homes keep selling faster and for more money.”
At the same time, active listings are down massively. Tucson active listings are down 70.2%, San Diego active listings are down 64.2%, and Austin active listings are down 72.9%. With such few homes available and such high demand, prices are up. Listing volume is an interesting number to consider. It’s flat in Austin and down a little bit in San Diego and Tucson.
Pending sales are up 16.5% in Tucson, 20.7% in San Diego, and 17% in Austin. As for closed sales, they’re also up, but not by as much: 7% in Tucson, 9.9% in San Diego, and 10.9% in Austin. This is all causing homes to sell faster. Homes are selling 41% faster in Tucson, 30.6% faster in San Diego, and 51.9% in Austin.
There’s less supply, more demand, and prices are getting pushed up. This is all being exacerbated by the materials shortage and material price increases from all the supply chain disruption from COVID. Lumber prices have tripled year to date, adding roughly $35,000 to the cost of building a new home. That’s essentially a 10% lumber tax when you consider the average sale price. What we’re seeing continues to amaze me.
Another thing driving our market is interest rates. They’ve been hovering around the 3% to 4% range, which is keeping demand from homebuyers very high. If you’re a buyer, you can still win in this market. We can help you find off-market properties and make a strong offer.
If you’re a seller, need I say more? We’ll get you top dollar for your home as prices continue to go up.
If you have any questions for us about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.