Brenda's Tucson Housing Market Report
April 2014

March was a Good Solid Month

Sales increasing as we near the end of the spring selling season

Average Days On Market = 62 ~ Sales Price as a % of List Price = 96.73%

We were quite busy in March with lots of our listings selling again this month. We have buyers waiting in the wings for the "perfect home". If you're thinking about selling, Call me!

March started off a little slower as predicted but firmed as the month continued finishing strong. Our wonderful weather in the spring makes buying here very attractive to winter visitors from the northern tier states. Lots of inventory out there right now so buyers continue to have lots of choices. It's a great time to buy right now!

If you're a seller, there's still lots of competition for those picky buyers so make sure your home shines or you'll be left in the dust. The homes that show best always sell first! If you're a buyer, we're here to help and we ARE NOT pushy Realtors! Our business model says, first and foremost, Listen! Listen to your clients (many realtors don't). Be helpful, answer all their questions and make sure they have a good time.

We continue to feel quite strongly that if you're a buyer now is the time to pull the trigger. Interest rates are still historically low but we expect them to be higher by the end of this year. Frankly we remain surprised rates are staying at these lower levels.

Inventory is increasing with lots to look at so that's good for buyers. Prices are slowly going up and that's good for sellers. The market appears pretty well balanced right now and is well positioned in a slow steady uptrend which is a good time in the cycle to buy.

Pick a good Realtor and look closely at the data they provide to you regarding price. They're the local experts and understand prices here. Every local market is different and Tucson's housing market is totally different from your market back home. Remember, you can't become an expert on prices here in just a weekend, good Realtors here have been doing this for years and know the market. Just pick a good Realtor and you'll be fine:-)

We're almost through our spring selling bonanza and starting to look forward to the summer crowd of buyers. They're typically a little different than the winter folks in that we get more families moving around and less 2nd home buyers trying to escape the snow. Either way, we love them all, keeps our job interesting working to solve the different issues driving each and every new client.

Tucson Active Listings: Active listings now stand at 5,705, down a few from last month. The Spring season is winding down so if you want to sell before Summer, you need to list Right Now or you'll still be here in June & July!

New Listings: There were 2,126 New Listings in March so again this month, there's lots of new inventory to look at. We expected New Listings to Increase in February & March and so they have. New listings should start tapering off as we head into summer. This is the best time of the year to see all the new inventory, there will be much less to look at come summer.

Average Sales Price: The March average sales price was $200,479, up 4.48% from $191,881 in March of 2013. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the spring and into summer.

Median Sales Price Catalina Foothills: The March median sales price was $292,000, Down 2% from March of 2013.

Median Sales Price Oro Valley: The March median sales price was $232,000, Down 4% from March of 2013.

Days on Market: Dropped a day to 62 this month. Make good offers, lots of competition out there now. Homes are currently selling on average for over 96% of asking price.

If you're looking for a No Hassle-No Pressure realtor to show you around we'd love to help. We specialize in Oro Valley and the Catalina Foothills areas. We're experts on golf properties, retirement communities, vacation homes and investment properties. We sell about a hundred homes a year so we know what we're doing. We love meeting people and helping them find their Dream Home. Contact us and we can help you too:-)

Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed.

Key prior month statistics from the Tucson Association of Realtor’s April 2014 Report show:

Total Tucson Homes Sold: 1,131, Decreased 14.90% from March of 2013. Increased 17.69% from last month.

Total Tucson Homes Under Contract: 2,173, Decreased 19.87% from March of 2013. Increased 10.81% from last month.

Tucson Median Sale Price: $162,000, Up 7.96% from March 2013.
Oro Valley Median Sales Price: $232,000, Down 4% from March 2013.
Catalina Foothills Median Sales Price: $292,000, Down 2% from March 2013.

Total Tucson Active Listings: 5,705, Up 35.51% from 4,210 in March of 2013.
Northwest Tucson Active Listings: 1,602, Down 17 units from last month.
Catalina Foothills Active Listings: 698, Up 13 units from last month.

Total Tucson New Listings: 2,126, Up from 1,931 New Listings in March of 2013.
Northwest Tucson New Listings: 543, Down 84 units from last month.
Catalina Foothills New Listings: 234, Down 7 units from last month.

Some quick conclusions we can draw from these Tucson home sales statistics are:

Positive Market Indicators this month: Sales Volume increased a whopping 20% over same period last year. Average sale price was up 4.48% over last year, Average list price was up 4.67% over last year and Median sales price was up 7.96% year over year. Days on market dropped one day to 62.

Negative Market Indicators this month: New listings were up 10.10% over last year (new listings appear to be slowing at this point) and Active listings were up 35.51 percent over last year.

Market Outlook: Market remains active with lots of sales activity. Units sold increased almost 200 units in March over February driving up total Volume. Interest rates remain range bound in the mid 4% range but should increase going forward especially as we get closer to the end of the year. Sales are expected to remain strong for the next couple months then slow slightly during the summer months.

The Economy continues it's slow steady crawl upward. Economic indicators are trending upward but folks aren't seeing that translate to more money in their pockets. The public appears to have a wait and see attitude.

People are fed up (and angry) with Politics as usual and the slowness in economic improvement. The upcoming mid-term elections should prove very interesting and are beginning to shape up as both sides start laying out their mid term strategies. Republicans will pound on Obamacare and cutting the costs of government, Democrats will promise to give everybody something (minimum wage increases, health care and more subsidies for almost everything). Only time will tell but it should be interesting to watch.

The Tucson Market Reports below will give you a detailed look inside the current Tucson Housing Market.

Questions about current Tucson Housing Market Conditions?
Email Brenda or call her Today at 520-918-5968
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