Brenda's Tucson Housing Market Report
February 2013

First Quarter Starting Off Strong In Tucson

We Need More Listings - Everything's Selling - Call Me!

Average Days On Market = 57 ~ Sales Price as a % of List Price = 96.49%

January was good & February's starting off even stronger. Listings are selling much faster than prior years with lots of buyers in the market. People are starting to realize these current market conditions aren't going to last too much longer & are getting in while the getting's good.

While there remains some lingering uncertainty about the economy, the real estate market continues to improve, especially in the Sun Belt states and Arizona is no exception. There is a ton of built up demand for retirement homes and vacation homes and Arizona is going to see increasing growth in those two market segments as the economy continues to improve.

Tucson continues to have lower than normal amounts of housing inventory and stiff competition for premium properties in all price ranges. If it's a really nice property don't mess around, make a good offer! Use a good agent with lots of experience, look closely at the Comp's and take heed of your realtor's advice, they're the local experts.

It's a little cold out there (for us anyway) but our Northern Tier visitors are eating it up, feels like summer to them and they're loving it! lots of our winter visitors are out looking around for deals to snap up. If you're a buyer expect to see multiple offers on the prime properties especially in the lower price ranges. Make good solid offers or you're going to be disappointed.

Tucson Active Listings: Active listings now stand at 4,459 a very slight increase (10 units) over last month and about 8% less than at this time last year.

New Listings Up: There were 1,893 New Listings in January, an Increase of 536 units from December. This increase is typical every January as sellers often wait till the holidays are over before putting their homes on the market. Also, sellers know that the first quarter is a huge selling season here in Tucson. Expect a big drop in new listings in February.

Average Sales Price: The January average sales price was $182,378, up 16.12% from $157,059 in January of 2012. Another month of year over year price increases. We expect this trend will continue well into 2013.

Days on Market: Now sits at 57. This time last year it took an average of 80 days to sell a listing here. Still a sellers market so make good offers buyers. There are no killer deals here anymore, homes are selling on average for 96.49% of asking price.

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 February 2013 Report show:

Total Tucson Home Sales Units: 884, Decreased 3.39% from January of 2012. Decreased 6.16% from last month.

Total Tucson Homes Under Contract: 2,415, Increased .71% from January of 2012. Increased 19.44% from last month.

Tucson Median Sale Price: $145,000 Up 16% from January 2012
Oro Valley Median Sales Price: $264,984 Up 10% from January 2012
Catalina Foothills Median Sales Price: $345,000 Up 16% from January 2012

Total Tucson Active Listings: 4,459 Down 7.87% from 4,840 in January of 2012.
Northwest Tucson Active Listings: 1,227 Down 2 units from last month.
Catalina Foothills Active Listings: 518, Up 24 units from last month.

Total Tucson New Listings: 1,893, Up from 1195 in January of 2012.
Northwest Tucson New Listings: 492, Up 158 units from last month.
Catalina Foothills New Listings: 239, Up 107 from last month.

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

Positive Market Indicators this month: Average Sales Prices are up year over year, Median Sales Price up year over year, and Units Under Contract are Up year over year and month over month. Days on Market remain low at 57. Inventory levels are still below normal, prices are still low and interest rates remain in the basement.

Negative Market Indicators this month: National economic outlook dimming a bit as new taxes are starting to kick in, especially the extra 2% of payroll taxes which is slowing consumer spending. 1st quarter GDP will take a hit due to this and the recovery will slow somewhat putting a slight damper on real estate. Is spite of that, the Tucson Housing Market should continue to steadily improve throughout the year as Arizona is one of the top states in the nation as far as influx of new residents is concerned.

Market Outlook: No Change, We still expect a strong spring season and a good solid year.

Inventory remains tight: Inventory sits at 4,459 active listings. Here's the February Heat Map.

Interest rates remain at historic lows although getting a loan has become a real hassle with all the new regulations. Don't get frustrated, play their game and just tell yourself, I'm gonna just give them every single piece of paper they want. I'll beat them at their own game. With that mindset your frustration level will drop and you will probably end up getting your loan. If you try to fight them you're going to loose, For Sure!

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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