Brenda's Tucson Housing Market Report
January 2013

A New Year Begins - Welcome Home Snowbirds

January Opens Our Busy Spring Selling Season

Average Days On Market = 55 ~ Sales Price as a % of List Price = 96.71%

January is going to be a good month. Lots of action in the market place. The Snowbirds are back as well as lots of winter visitors. The 2nd home market will be very active for the next 3 months with out of town buyers predominating.

Tucson is slowly returning to a balanced market (6 months inventory) as there has been an increase of new listings over the last few months heading into our busy spring season. Inventories are still on the low side historically.

Well, we're past the "Fiscal Cliff" (sort of, anyway), that's the good news. Next up for the Washington DC crowd is the "Debt Ceiling Crises". Seems like there is now a new "Crises De Jour" almost all the time. Expect another long drawn out battle of talking heads that goes down to the wire. No wonder the public is confused and concerned about where in the heck this country is heading. All this turmoil is not helping the economy or the country.

Be that as it may, life goes on and so does real estate. People still move around, people still want vacation homes and people still retire to beautiful Arizona. Sooooooooo, what's in store for us here in Tucson. Well, more of the same we think, a continued slow improvement in the market with gradually increasing prices and probably increasing sales throughout the coming year.

Tucson Active Listings: Active listings now stand at 4,449 a slight increase over last month and about 9% less than at this time last year.

New Listings Up: There were 1,357 New Listings in December, an Increase of 19 units from November. Typical for this time of year.

Average Sales Price: The December average sales price was $183,011, up 13.34% from $161,471 in December 2011. Another month of year over year price increases. This trend should continue into 2013.

Days on Market: Now sits at 55. This time last year it took an average of 78 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 96.71% 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 January 2013 Report show:

Total Tucson Home Sales Units: 942, Decreased 1.98% from December of 2011. Decreased 5.23% from last month.

Total Tucson Homes Under Contract: 2,022, Increased 6.25% from December of 2011. Decreased 9.61% from last month.

Tucson Median Sale Price: $147,500 Up 22.92% from December 2011
Oro Valley Median Sales Price: $220,000 Down 3% from December 2011
Catalina Foothills Median Sales Price: $305,000 Down 6% from December 2011

Total Tucson Active Listings: 4,449 Down 9.41% from 4,911 in December of 2011.
Northwest Tucson Active Listings: 1,229 Down 21 units from last month.
Catalina Foothills Active Listings: 494, Up 2 units from last month.

Total Tucson New Listings: 1,357, Up from 956 in December of 2011.
Northwest Tucson New Listings: 334, Down 109 units from last month.
Catalina Foothills New Listings: 132, Down 18 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 & month over month, Median Sales Price up year over year & month over month, and Units Under Contract are Up year over year. Days on Market remain low at 55. Inventory levels are still below normal but prices are still low and interest rates remain in the basement.

Negative Market Indicators this month: Other than those goofballs in DC, nothing much. Units sold are down very slightly this month.

Market Outlook: We expect the next 3 months to be very strong and the year ahead to be a positive one with prices improving throughout the year. The local builders are starting to gear up again so that is another good sign the market is improving. The building community is very very proficient in anticipating changes in the market place!

Be sure to contact a Realtor if you're interested in a New Home from any of the new sites. Remember, it's really important for buyers to be represented in New Home Sites (The Site Sales People Represent the Builder, not the Buyer!)

Here's a current article from the Arizona Daily Star: local home prices could jump 10 to 15 percent this year. (Lawrence Yun, National Association of Realtors).

Inventory remains tight: Inventory sits at 4,449 active listings. Here's the January Heat Map.

Interest rates remain at historic lows, however this will not continue for much longer. Inflation is coming and that higher interest rates go hand in hand with inflation. We continue to expect inflation worries to start pushing interest rates back up this year. Watch out for the 3rd and 4th quarters of 2013.

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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