Brenda's Tucson Housing Market Report
August 2013

The Dog Days of Summer - Tucson Arizona

We Need More Listings! - We're Selling 2 Homes a Week - Call Me!

Average Days On Market = 50 ~ Sales Price as a % of List Price = 97.10%

July was a good solid month with more homes sold since way back in 2006. Average sales prices were up 8.5% over same period last year. We remain desperately low on good listings so if you are thinking about selling now would be a great time! Inventory is tight, homes are selling and we need more listings Right Now!

Everybody's getting sick of hearing about interest rates, just know they're going up and that's going to continue.

National economic indicators continue to slowly improve. The FED is expected to start winding down their Qe3 Stimulus program starting as early as next month. This will contribute to higher interest rates going forward.

Same old song, Low Inventory, Sellers Market & Competing Offers. Bottom line: Make good offers, or you'll be out of luck.

Summer's here and it's Hot! We can see fall coming in the distance but we're not quite ready to let go of summer yet. Another couple months of swimming sunbathing (Well, I say sunbathing, Pat says "Frying your brain")

Summer buyers are serious buyers! To look at homes when it's over 100 degrees is hard work! If the buyers are willing to work that hard, they're serious about buying. If you get a call for a showing, make it as easy as you can, you might just get an offer.

Tucson Active Listings: Active listings now stand at 3,933, drifting lower as we expected. Listings may start to climb a little next month and then start building into the fall selling season. So it really makes sense to list now while there is less competition and there's lots of buyers.

New Listings: There were 1,721 New Listings in July as we work our way through summer.

Average Sales Price: The July average sales price was $197,444, up 8.5% from $181,978 in July of 2012. Another month of year over year price increases. We expect this trend will continue throughout 2013.

Days on Market: Dropped to 50 this month. This time last year it took an average of 67 days to sell a listing here. Make good offers, homes are currently selling on average for 97.10% of asking price. If you're trying to low ball a nice property you're out of luck, period. Remember that 97.10% is an average, nice homes are selling for closer to asking price than that and it's the not so nice homes that are going for less than average.

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 August 2013 Report show:

Total Tucson Homes Sold: 1,263, Increased 11.80% from July of 2012. Decreased 9.72% from last month.

Total Tucson Homes Under Contract: 2,226, Decreased 14.22% from June of 2012. Decreased 4.95% from last month.

Tucson Median Sale Price: $159,900 Up 14.21% from July 2012.
Oro Valley Median Sales Price: $224,500 Down 3% from July 2012.
Catalina Foothills Median Sales Price: $345,000 up 14% from July 2012.

Total Tucson Active Listings: 3,933 Up 13.11% from 3,477 in July of 2012.
Northwest Tucson Active Listings: 1,072 Up 8 units from last month.
Catalina Foothills Active Listings: 447, Down 25 units from last month.

Total Tucson New Listings: 1,721, Up from 1,598 New Listings in July of 2012.
Northwest Tucson New Listings: 474, Up 16 units from last month.
Catalina Foothills New Listings: 160, Down 10 units from last month.

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

Positive Market Indicators this month: Sales Volume up year over year, Average sales price up year over year, Active listings decreased slightly year over year, Average days on market dropped to 50. Market remains locked in a slow upward trend which should continue throughout the year.

Negative Market Indicators this month: Interest rates are on the rise and that trend Will Continue. Despite that, interest rates remain at historic lows and even rising rates should not affect our market much. Rising rates will affect new home buyers and probably reduce the price point at which buyers may purchase. i.e. some payment sensitive buyers may have to lower their price point slightly to stay in their target payment range.

Market Outlook: We're in the Dog Days of Summer, traditionally a little slower here. we expect activity to pick up in September & October and build throughout the fall. We continue to look forward to a strong fall season. Increasing interest rates are not expected to change this outlook.

Inventory remains tight: Inventory sits at 3,933 active listings. Here's the August Heat Map.

Mortgage Interest Rates are on their way up again and that won't change. Interest Rates WILL be Higher Yet at year end. Today's rates are the best you'll see for the next few years. So, Again, Don't wait for rates to go down, Ain't Gonna Happen.

Reality sinks in: Mortgages won't go lower: "home buyers and refinancers face reality and accept that record-low rates have become history. read full article "

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

Tucson Multiple Listing Service Report - August 2013

Catalina Foothills Housing Report - August 2013

Oro Valley Housing Report - August 2013

2012 (Year in Review) Tucson Multiple Listing Service Report

Brenda's 2012 Year End Tucson Housing Report

Tucson Housing Market Report Archives

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